Earnings season is winding down with approximately 90% of the S&P 500 already reported, but several key names remain that could provide meaningful industry insights. Cisco Systems (NYSE:CSCO) reports Wednesday and Applied Materials (NASDAQ:AMAT) on Thursday, continuing the AI and data center narrative that has dominated much of this earnings cycle. JD.com Inc (NASDAQ:JD) also reports Thursday, offering another data point on China’s economic health.
The economic calendar will command greater attention this week, with the Consumer Price Index and Producer Price Index scheduled for Tuesday and Thursday respectively. The consensus expects CPI to rise 0.2% month-over-month with a 2.8% year-over-year increase. Core CPI, excluding food and energy, is anticipated to accelerate to 0.3% month-over-month from June’s 0.2% reading, pushing the year-over-year rate to 3.0% from 2.9% in June. For the Producer Price Index, forecasters expect a 0.2% monthly increase after June’s unchanged reading, with the year-over-year rate holding steady at 2.3%. Core PPI is also expected to rise 0.2% month-over-month following June’s flat performance.
Markets will scrutinize these inflation readings for early signs of tariff-related price pressures, as companies that front-loaded inventory ahead of policy changes may now be passing increased costs to consumers. However, these are lagging indicators, meaning the full impact of broad-based tariffs will take time to materialize in the data. Beyond inflation metrics, Friday’s Retail Sales report will offer crucial insight into consumer spending strength, which has been a major pillar supporting the economy.
Trade tensions remain a significant backdrop for markets. The recent implementation of sweeping reciprocal tariffs on goods from dozens of countries, including key partners like the European Union and Japan, has already raised concerns about supply chain disruptions and additional inflationary pressure. An August 12 deadline looms for China, potentially triggering further tariff escalation without new trade agreements. The combination of high-stakes economic data and continued geopolitical uncertainty creates conditions where risk-off sentiment could prevail, giving markets reason to pull back from recent highs.
Monday
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Earnings: MNDY
Tuesday
Consumer Price Index (CPI)
Earnings: SE
Wednesday
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Earnings: CSCO
Thursday
Producer Price Index (PPI)
Earnings: JD NU AMAT
Friday
Retail Sales
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Tracking This Week
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Saleforce Inc (NYSE:CRM) has been punished for underwhelming earnings and its questionable acquisition of Informatica, drawing comparisons to its Slack deal. The acquisitions offer little visible synergy or integration clarity, appearing more as a revenue grab than a strategic fit. That said, Salesforce’s core business remains robust, with steady sales growth and strong customer retention. Unless management announces another out-of-left-field acquisition, investors may soon revisit the name.
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UnitedHealth Group (NYSE:UNH) has been hit hard, and for good reason. Its latest earnings report painted a bleak picture, with significant losses tied to unexpected costs from new healthcare plans — an issue impacting the entire industry, not just UnitedHealth Group. Given the nature of the business, recovery could take years unless management aggressively adjusts models and pricing. The ongoing DOJ investigation adds another layer of uncertainty. Still, as one of the largest healthcare providers in the country, its scale and market position remain important considerations.
