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Small and mid-caps will take over on the earnings front as the SPX is largely complete and appears poised to post an 11.8% growth rate for the quarter (Factset), the 3rd consecutive quarter of SPX double digit y/y eps growth. This week we will hear from technology players such as LITE, COHR, CSCO and AMAT that will frame their growth prospects in the AI infrastructure space and how they are positioned competitively among the many companies targeting the high growth area.

More earnings on tap with hopes that corporate profitability and growth measures can overshadow what some fear could be a faltering economy given weaker employment data and revisions last week. The balance of the SPX (1/3) will report eps this week with notables including PLTR, CAT, AMD, MCD, UBER and LLY who will seek to assure investors of a healthy outlook for 2H25.

A busy week ahead as more than 150 SPX companies are set to report including 4 of the Mag 7 in addition to a bevy of economic data, including the first, or "advance" GDP estimate for 2Q25 (Wed) which is expected to show the US economy grew at a 2.5% annualized rate. The employment picture will be front and center with 3 reports including the JOLTS survey (Tues), ADP (Wed) and Non-Farm payrolls (Fri) all speaking to the strength of the US labor market.

Earnings season is in full swing with ~ 100 SPX companies reporting including bellweathers VZ, KO, TXN, GOOG, IBM, INTC, NOW and TSLA all on deck. Economic data is somewhat light with the highest impact report on Thurs. with the S&P Global Composite PMI Flash report for manufacturing and services in the month of July with both expected to remain steady relative to June's 52.9 reading.

2Q25 earnings start in earnest led by numerous financial related companies and the economic calendar is chock full of impactful releases. On the economic front, CPI (Tues) and PPI (Wed) inflation readings are not expected to mark an uptick in price pressures as tariff related measures have been delayed. Nonetheless, investors will be watching for any signs of potential inflation as companies potentially raise prices in front of expected input price increases.

US economic data is sparse as investors gear up for 2Q25 earnings season which starts in earnest next week. Datapoints this week include the size of the Fed's balance sheet (Mon.) which continues to decrease, now at $6.6T, still above pre-Covid levels of $4T, but well below peak levels of $9T in '22.