A Federal Reserve policy meeting and dozens of second-quarter earnings reports will be this week's highlights. There will also be data on consumer confidence, second-quarter gross domestic product, and U.S. inflation.
More than 150 S&P 500 companies are scheduled to report this week. Domino's Pizza will get things started on Monday, followed by Alphabet, Microsoft, Visa, General Electric, Verizon Communications, General Motors, and Waste Management on Tuesday.
Wednesday's highlights will include Meta Platforms, Chipotle Mexican Grill, and eBay. Comcast, Southwest Airlines, Intel, American Tower, T-Mobile US, and Ford Motor report on Thursday, then Chevron, Exxon Mobil, and Procter & Gamble close the week on Friday.
The Federal Open Market Committee will convene on Tuesday and Wednesday, with a monetary-policy decision and press conference with chairman Jerome Powell due on Wednesday afternoon. Futures markets are pricing in overwhelming odds of a 0.25 percentage point increase in the federal-funds rate, to 5.25%-5.50%.
Economic data out this week will include the Conference Board's consumer confidence survey for July on Tuesday, Bureau of Economic Analysis' advance estimate for U.S. second-quarter gross-domestic-product growth on Thursday, and the core personal consumption expenditures price index for June on Friday. The Fed's preferred measure of inflation is forecast to be up 4.2% from a year earlier, a deceleration of 0.4 points compared with May.
Monday 7/24
Cleveland-Cliffs, Domino's, Logitech International, and NXP Semiconductors release earnings.
Tuesday 7/25
Earnings season rolls on with tech titans Alphabet and Microsoft releasing results. Spotify Technology, Snap, and Texas Instruments are also among the tech companies that report Tuesday.
3M, Alaska Air, Dow, General Electric, General Motors, Visa, Verizon, Waste Management, and Xerox are also expected to release earnings.
S&P CoreLogic releases its Case-Shiller National Home Price Index for May.
The Conference Board releases its consumer confidence survey for July.
Wednesday 7/26
The FOMC announces its monetary-policy decision. Wall Street is certain that the central bank will raise the federal-funds rate by a quarter of a percentage point to 5.25%-5.50%, possibly the last rate hike for this cycle.
AT&T, Boeing, Chipotle, Coca-Cola, eBay, and Meta are expected to release results.
Thursday 7/27
The BEA releases its advance estimate for second-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 1.4%.
American Tower, Boston Beer, Bristol Myers Squibb, Carrier Global, Comcast, Crocs, Ford, Hertz Global, Intel, Live Nation Entertainment, Mastercard, McDonald's, Northrop Grumman, PG&E, Roku, Shell, Southwest, T-Mobile, and Volkswagen are expected to release results.
Friday 7/28
The BEA reports the core personal consumption expenditures price index for June, which is expected to rise 4.2% from a year earlier, four-tenths of a percentage point less than in May.
AstraZeneca, Chevron, Exxon Mobil, Procter & Gamble, and Sanofi are expected to release results.