The signals markets are watching this week: Data updates, earnings reports, money policy

Wall Street is smashing record highs, and markets are ignoring tariff noise from the Trump administration. Amid this boom, the upcoming week is quietly loaded with catalysts that could reset investor expectations. However, the digital assets market is still printing green indexes as altcoin season takes over after Bitcoin rally.

As the markets zoom into a critical week, US stock futures rose on Monday. S&P 500 futures and the tech-heavy Nasdaq 100 futures both surged by almost 0.3%. Stocks are expected to continue their last week’s rally. The cumulative crypto market cap surged by 2% to hover around $4 trillion mark.

Powell’s speech and earnings

Federal Reserve Chair Jerome Powell’s upcoming speech in Washington on Tuesday will grab all the ears of global investors.  He is expected to touch on inflation trends, labor market resilience, and the most crucial interest rates. This comes in after last week’s rumors that Trump wants to fire him. The news triggered a short-lived “Sell America” moment before Trump walked it back.

Tuesday will also see earnings reports from Coca-Cola (KO), Lockheed Martin (LMT), General Motors (GM), SAP (SAP), Texas Instruments (TXN), Capital One (COF), DR Horton (DHI), Enphase Energy (ENPH) and Philip Morris (PM).

Fed Vice Chair Michelle Bowman speaking on Wednesday could also add to the narrative at the same event. Her hawkish stance could clash with Fed Governor Waller, who just called for a rate cut in July, warning that waiting for job market pain is a mistake. Meanwhile, markets didn’t believe it as rate cut odds for July remained at 5%, down from 13% a month ago.

The inflation data added some fresh complexity to the macro picture. CPI rose by 2.7% year-over-year, beating the forecast of 2.6%. It was up from May’s 2.4%. Core inflation came in softer, but price rises in tariff-sensitive sectors like toys, furniture, and clothing are putting pressure on the Fed.

If Trump follows through with his August 1 tariffs, inflation could heat up again, forcing the Fed to keep rates higher for longer. This is exactly what Trump doesn’t want.

Against this backdrop, corporate earnings will take center stage on Wednesday. Over 110 S&P 500 companies are reporting results this week. It includes some of the most closely watched names in the tech arena. Alphabet, Tesla, and Chipotle are all on deck.

Europe waits while crypto runs

In Europe, the focus will be on the ECB’s rate decision on July 23–24. Analysts think they’ll keep rates steady at 3.75%, watching the data roll in before making any big moves. This comes in when the eurozone remains sticky.

Thursday will come with Initial Jobless Claims, which stood at 221,000 for the week ending July 12. It is expected to increase up to 229,000 for the week ending July 19. Investors are eagerly waiting for Chicago Fed Activity Index and S&P Global PMIs for Manufacturing, Services, and Composite, too.

As the Fed enters its pre-meeting blackout period and earnings pour in, this week may ultimately be defined by how investors see growth ahead.

Meanwhile, the crypto market is enjoying this run. Bitcoin recorded a new ATH of above $123K while Ethereum is up by 24% over the past 7 days.

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