The Week Ahead: Jobs Data, Fed Speakers and SpaceX, AMD, Palantir Earnings

The Week Ahead: Jobs Data, Fed Speakers and SpaceX, AMD, Palantir Earnings

Friday's U.S. jobs report headlines a week packed with labor market and manufacturing data. SpaceX's first earnings as a public company joins reports from AMD and Palantir. Fed speakers this week may influence rate expectations following the decision to hold rates steady.

U.S. equities finished last week higher as investors balanced a steady Federal Reserve policy decision against another strong round of corporate earnings. The Dow Jones Industrial Average closed at 52,485.03, up 1.04% for the week. The Nasdaq Composite finished at 25,373.85, up 1.59%, while the S&P 500 ended at 7,489.72, up 1.05%.

The Federal Reserve remained the primary market focus after leaving the federal funds target range unchanged at 3.50%–3.75% for a fifth consecutive meeting. Although the decision was widely expected, three policymakers dissented in favor of a quarter-point rate increase, reflecting continued concern that inflation remains above the Fed’s 2% target. Treasury yields moved higher following the meeting, particularly at the long end of the curve.

Earnings season continued to support equities despite mixed reactions among the largest technology companies. Microsoft and Amazon benefited from stronger cloud-computing revenue, while Apple and Meta Platforms declined as investors focused on capital spending, margins, and guidance. More than 86% of reporting S&P 500 companies have exceeded analyst estimates, with second-quarter earnings growth expectations rising to 37%, supported by broad participation across most sectors.

Attention now turns to another busy week featuring labor market data, manufacturing and services activity, and another round of high-profile earnings. Friday’s July employment report headlines the economic calendar, while earnings from Palantir, Caterpillar, AMD, SpaceX, Eli Lilly, Shopify and several other large-cap companies are expected to drive trading.

Key Economic Releases & Notable Earnings Monday, Aug. 3 Before the Open Marriott International (MAR), est. $3.08 Tyson Foods (TSN), est. $0.98 Economic Releases 13:45 GMT, Final Manufacturing PMI 14:00 GMT, ISM Manufacturing PMI 14:00 GMT, ISM Manufacturing Prices 14:00 GMT, Construction Spending m/m All Day, Omdia Total Vehicle Sales Tentative, Loan Officer Survey After the Close Palantir Technologies (PLTR), est. $0.34. Investors will focus on AI software demand, commercial growth and continued momentum in government contracts. Vertex Pharmaceuticals (VRTX), est. $4.74 Whirlpool (WHR), est. -$0.06

Tuesday, Aug. 4 Before the Open Caterpillar (CAT), est. $6.20. Investors will watch whether demand from AI-related data center construction continues to support growth following recent concerns over regulatory scrutiny. McDonald’s (MCD), est. $3.32 Pfizer (PFE), est. $0.68 Shopify (SHOP), est. $0.40 Economic Releases 12:30 GMT, Trade Balance 14:00 GMT, JOLTS Job Openings 14:00 GMT, Factory Orders m/m Tentative, RCM/TIPP Economic Optimism 20:30 GMT, API Weekly Statistical Bulletin After the Close Advanced Micro Devices (AMD), est. $1.61. Analysts expect revenue of $11.3 billion, with attention focused on MI350 GPUs, EPYC processors, data center demand and AI guidance. SpaceX (SPCX), est. -$0.29. Revenue is expected to reach $6.8 billion in the company’s first earnings report as a public company. Investors will watch Starlink subscriber growth, AI pricing, the Cursor acquisition, Grok updates and broadband adoption. Arista Networks (ANET), est. $0.89 Amgen (AMGN), est...