Wall Street Braces for Busy Earnings Week Amid Record Highs

Wall Street is bracing for one of its busiest weeks of the summer as it heads into earnings season. The Magnificent Seven companies - Microsoft, Meta Platforms, Apple, Amazon, Visa, Boeing, and Coca-Cola - will report their quarterly results between July 29th and August 1st. Among them are four tech giants: Microsoft and Meta on Wednesday, followed by Apple and Amazon the next day.

The Federal Reserve's latest policy decision is also set for release on Wednesday afternoon, with most economists expecting no change in interest rates at 3.5% to 3.75%. Instead, investors will be closely watching Chairman Kevin Warsh's comments on inflation, economic growth, and the outlook following the recent surge in oil prices.

Additionally, inflation data will take center stage on Thursday with the release of the July core PCE price index, which is expected to rise 3.3% annually. Other market-moving events include durable goods orders on Monday, home price data on Tuesday, and Friday's Brent crude expiration.