Big banks kick off the second quarter with a slew of earnings reports and market commentary from CEOs. Netflix and Pepsi will also announce results
Brendan Smialowski/AFP via Getty Images
Nvidia $NVDA made history last week as the first company to hit a $4 trillion market cap, even as President Donald Trump ramped up his trade war by issuing fresh 50% tariffs on copper and Brazil, and slapping various rates on other countries via letters posted to social media.
Markets largely shrugged off the tariff news, betting that much of the risk had already been priced in and that any escalation would likely be negotiated down if not outright withdrawn. Meanwhile, Delta surprised investors by reinstating full-year guidance, signaling that corporate America may be regaining its footing after a murky spring and early summer.
This week shifts into a data-driven and earnings gear as investors welcome earnings season. June's inflation prints on Tuesday and Wednesday — CPI and PPI — will likely fuel Fed rate-cut chatter. Alongside that, major results will begin pouring in from the likes of Goldman Sachs $GS, JPMorgan $JPM, Wells Fargo $WFC, Pepsi, and Netflix $NFLX. Markets will be watching not just the numbers but what CEOs say on all those earnings calls, too. Expect a week of heavy macro commentary — left, front, and center.
Here’s a look at what’s coming:
It’s a quiet start to the week, with no major economic reports or earnings scheduled. Markets may take a breather ahead of Tuesday’s CPI release and the first big wave of second-quarter earnings. After a strong summer rally and rising speculation about Fed cuts in the second half of 2025, investors will be watching closely for any downside surprises that could change the story.
The first major test of the week lands Tuesday morning, with the June Consumer Price Index set to drop at 8:30 a.m. ET. Also on deck are the Empire State manufacturing survey and industrial production data, offering an early read on July's factory activity.
Inflation comes back into focus Wednesday with the release of June’s Producer Price Index. The Fed also releases its Beige Book in the afternoon, which will provide anecdotal insights into regional economic conditions ahead of the next FOMC meeting.
On the earnings front, the floodgates open further with results from Bank of America $BAC, Goldman Sachs, Morgan Stanley $MS, Johnson & Johnson $JNJ, and United Airlines.
Thursday brings a bumper crop of data and earnings. On the economic front, June retail sales will offer a read on consumer momentum amid slowing white-collar job growth. Initial jobless claims, import prices, and the Philly Fed manufacturing survey also hit before the bell.
The week wraps up with a lighter but still meaningful slate. June housing starts and building permits arrive in the morning, offering a check on construction activity amid high mortgage rates. At 10 a.m., preliminary consumer sentiment data from the University of Michigan could show whether inflation expectations remain anchored or if the latest spate of tariff headlines is starting to spook households.
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