Next week: JPMorgan and Goldman Sachs earnings and inflation data A busy week for the market

TLDR

• Major US indices closed higher last week, led by the Nasdaq, which rose 1.7%.
• Major banks including JPMorgan Chase, Goldman Sachs and Bank of America reported earnings on Tuesday
• CPI data drops on Tuesday, and Producer Price Index data on Wednesday – both are expected to show slight monthly declines
• AI stocks, especially Nvidia and Micron, are expected to drive 40% of the S&P 500’s earnings growth.
• The Fed remains data-driven as markets price in one rate hike by December

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Wall Street is entering one of its busiest weeks of the year. Q2 earnings season officially begins, inflation data is released mid-week, and investors are watching closely to see if AI trading continues to produce results.

The S&P 500 closed Friday up 0.42%, ending the week up 1.2%. The Nasdaq index gained 1.7% this week. The Dow Jones was the slowest, ending the week down 0.5%.

Big banks lead the earnings parade

Tuesday is the first big test. jp morgan chase, Goldman SachsBank of America, Wells Fargo and Citibank all report on the same day. Morgan Stanley and BlackRock follow on Wednesday.

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— Earnings Whispers (@eWhispers) July 10, 2026

The banks were riding a strong wave. IPO activity and trading volumes have risen, and analysts expect another strong round of results from the financial sector.

Later in the week, Johnson & Johnson, United Airlines and Kinder Morgan will report on Wednesday. Thursday comes to the Taiwan Semiconductor Manufacturing Company, Netflixand UnitedHealth.

The bar is high after a strong first quarter. Spreads are “key to keeping up with this rapid pace of earnings growth,” said Jeffrey Buchbinder, chief equity strategist at LPL Financial.

He added that revenue growth in the low teens needs to turn to at least double that pace of earnings growth. This puts a lot of pressure on AI to achieve real productivity gains.

Buchbinder said chip companies Nvidia and Micron It alone is expected to account for 40% of the S&P 500’s total earnings growth. AI infrastructure stocks more broadly are expected to contribute about 60%. Beyond technology, only the energy sector is expected to add more than a point to EPS growth.

Inflation data can move markets

Two key inflation readings arrive mid-week. The Bureau of Labor Statistics releases Consumer Price Index data on Tuesday. Economists expect a monthly decline of 0.1% after a 0.5% increase in May.

Producer price index data will be released on Wednesday. It is also expected to decline by 0.1% month-on-month after a 1.1% increase in May.

On an annual basis, the headline CPI is expected to be 3.8% and the headline PPI is expected to be 6.2%. Both will be slower than May’s annual readings of 4.2% and 6.5%. The core CPI, which excludes food and energy, is also expected to show slower annual growth.

These numbers are important because the Federal Reserve is still trying to reach its 2% inflation target. Markets had priced in a quarter-point rate hike by the December meeting, according to Bloomberg data.

Fed Chairman Kevin Warsh did not provide clear guidance forward. Minutes from the Fed’s June meeting showed that almost all members were open to holding or easing policy if inflation slowed, but almost all were also open to tightening policy if inflation remained stubborn.

Capital.com analyst Daniella Hathorne noted that Warsh’s refusal to provide clear guidance means markets are “too data-driven.”

The University of Michigan Consumer Confidence Survey concludes the week on Friday, providing another read on how Americans feel daily about the economy.