Despite growing concerns over escalating trade tensions, U.S. equity markets continue to climb, buoyed by unexpectedly strong economic reports.

June retail sales bounced back sharply, rising +0.6% — well ahead of the consensus forecast of +0.1% and recovering from May’s nearly -1.0% decline. Meanwhile, the Philadelphia Fed Manufacturing Index jumped to +15.9 in July from -4.0 in the previous month. This marked improvement suggests a rebound in manufacturing sentiment and offers a potentially positive read-through for the broader economy.

Looking ahead, the upcoming economic calendar is light, with most data centered on the housing market. Existing Home Sales (Wednesday) and New Home Sales (Thursday) will provide insight into buyer activity amid persistent affordability challenges. Durable Goods Orders on Friday will be another closely watched indicator of business investment.

Next week also marks a key phase in the corporate earnings cycle. Several major tech companies are scheduled to report:

  • Wednesday: Alphabet and Tesla

  • July 30: Microsoft and Meta

  • July 31: Apple

  • August 7: Amazon

  • August 27: Nvidia

Taiwan Semiconductor’s recent earnings beat — with a +61% YoY jump in Q2 profit and a bullish outlook for AI-related chip demand — has added momentum to the semiconductor and AI sectors.

Additional earnings reports of interest include:

Monday – Domino’s Pizza, NXP Semiconductors, Roper Technologies, Verizon
Tuesday – Coca-Cola, General Motors, Halliburton, Lockheed Martin, Capital One, and more
Wednesday – IBM, Chipotle, CME Group, Hilton, ServiceNow, T-Mobile, Thermo Fisher
Thursday – Intel, Honeywell, Blackstone, Nasdaq, Keurig Dr Pepper
Friday – Charter Communications, Phillips 66, BASF

Markets will also keep an eye on possible tariff adjustments for select countries. The next decision deadline is August 1, which could shape the global trade outlook for the rest of the year.

As summer trading heats up, investors remain focused on macroeconomic resilience, inflation pressures, and earnings-driven momentum.

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