Markets have shown notable resilience in recent weeks, with the S&P 500 extending its winning streak to nine consecutive sessions as tariff escalations have paused and earnings continue to reflect underlying economic strength—at least outside of trade war impacts. The upcoming week remains active with earnings from high-profile names such as AMD (NASDAQ:AMD), Uber Technologies (NYSE:UBER), ARM Holdings (NASDAQ:ARM), Disney (NYSE:DIS), Shopify (NASDAQ:SHOP), Coinbase (NASDAQ:COIN), and Palantir (NASDAQ:PLTR), each of which could influence sentiment within their sectors and the broader market.
That said, markets may be due for a pause. The true economic impact of tariffs has yet to surface in most corporate results, but it is likely just a matter of time. Many companies front-loaded inventory earlier in the year to delay the hit, but with those reserves starting to dwindle, pricing adjustments and margin pressures may soon become unavoidable. Meanwhile, despite upbeat messaging from the Trump administration suggesting imminent trade deals, no agreements have been finalized or clarified—nor has it been disclosed which countries are involved. Until a tangible deal is announced, optimism could start to wane.
This week also brings the Federal Open Market Committee (FOMC) meeting, where no changes to interest rates are expected. The Fed has reiterated a data-dependent approach and may continue to treat the effects of tariffs as transitory. However, with markets currently pricing in three to four rate cuts beginning in June, any deviation from that expectation in the Fed’s commentary could shift sentiment sharply.
Additionally, several Treasury auctions are scheduled, which may offer a read on investor confidence. Given the heightened recession chatter and recent bond market volatility, these auctions could serve as a useful barometer for broader market direction.
Monday
S&P and ISM Services PMI
Earnings: PLTR
Tuesday
Earnings: DDOG GFS AMD SMCI RIVN
Wednesday
FOMC Interest Rate Decision
Earnings: UBER DIS ARM MELI FTNT
Thursday
Earnings: SHOP COIN RKLB TTD NET PINS MCK TOST
Friday
Tracking This Week
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Meta Platforms (NASDAQ:META) delivered another strong quarter last week, reaffirming its dominance as the go-to advertising platform. For technical investors, the stock now has a clear floor. While Chinese advertisers like Temu and Shein have reportedly pulled back on spending due to the tariff war, both sides seem motivated to resolve the issue. Once tensions ease, Meta has the potential to revisit its all-time highs, and in the meantime, its valuation remains attractive given its consistent performance.
NVIDIA (NASDAQ:NVDA) has faced pressure recently, despite being the clear leader in AI hardware. The ongoing trade war has disrupted supply chains and added more friction through embargo restrictions, but there are signs of a shift. Reports suggest a China-compliant chip is in the pipeline, which could reopen access to a major market. Additionally, demand for AI infrastructure continues to be reinforced on Big Tech earnings calls. If geopolitical headlines improve and new product announcements materialize, NVIDIA could reclaim its footing quickly.
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