Earnings season accelerates this week with a wave of high-profile companies set to report. Among the most closely watched will be Tesla (NASDAQ:TSLA), which reports after the close on Wednesday. However, its results are unlikely to have broader market impact, as the stock continues to trade more on sentiment than fundamentals. In contrast, reports from Alphabet (NASDAQ:GOOG), IBM (NYSE:IBM), and to a lesser extent ServiceNow (NYSE:NOW) will carry more weight, offering insights into key areas such as cloud infrastructure, digital ad spend, and enterprise application demand. The focus will be less on headline earnings and more on margins, forward guidance, and bookings, which will help gauge future growth momentum.
On the macro front, the calendar is relatively light. Home sales data is due, and Fed Chair Jerome Powell is scheduled to speak at a banking conference on Tuesday. Markets do not expect any major shift in tone from Powell, who has maintained a cautious, data-dependent stance on rate cuts. However, treasury yields remain a key watchpoint, with the 30-year yield hovering near 5%—a level that typically presents a headwind for equity valuations. Given how extended equity markets appear, this dynamic could set the stage for a correction-level event if sentiment turns.
The trade tariff overhang remains unresolved, with the August 1 deadline quickly approaching. So far, markets have largely dismissed the risk, reflecting the dominant TACO (Trump Always Chickens Out) sentiment. Still, caution is warranted. If the administration does not delay the implementation—or if companies begin flagging tariff-related headwinds during earnings calls—the market could quickly reprice the risk.
Monday
Earnings: VZ
Tuesday
Earnings: KO SAP
Wednesday
Existing Home Sales
Earnings: TSLA GOOG IBM NOW
Thursday
New Home Sales
Earnings: BX MBLY INTC
Friday
Tracking This Week
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Alibaba Group Holding (NASDAQ:BABA) has been under pressure since May but posted a strong week, buoyed by positive macro signals from China and reports that NVIDIA may resume selling AI chips to Chinese companies. Momentum could be turning in favor of Chinese ADRs, and Alibaba stands out fundamentally with a robust e-commerce ecosystem, cloud exposure, and improving cost discipline. If sentiment continues to shift, it could be a leadership name in any broader rebound in Chinese tech stocks.
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GameStop Corp (NYSE:GME) has traded flat since last month’s earnings, weighed down by continued opacity from management and its lingering meme-stock label. Still, under the surface lies a profitable core retail business, a fast-growing collectibles segment, and a debt-free balance sheet with billions in cash—and even bitcoin holdings. The current valuation is becoming increasingly attractive, with $20–$21 representing an ideal entry zone. For those looking to manage risk, cash-secured puts could offer a compelling way to build exposure while generating premium.
