The Week Ahead, CPI and Earnings Test the Stock Market Rally Near Record Highs

The Dow Jones Industrial Average closed at 54,036.93, up 2.96% for the week. The Nasdaq Composite finished at 26,690.62, up 5.19%, while the S&P 500 ended at 7,757.64, up 3.58%.

Inflation returns to center stage after July payrolls declined by 23,000 and wage growth slowed to its weakest pace in nearly five years. The data reduced expectations for additional Federal Reserve tightening, leaving CPI and PPI as policy tests.

Second-quarter earnings growth is tracking near 48% with more than 85% of S&P 500 companies reporting, compared with a 24% estimate at the season’s start. Growth remains near 29% excluding investment-related gains at Alphabet and Amazon, while cloud revenue and AI demand have supported technology shares.

Primary catalysts are CPI, PPI, retail sales, consumer sentiment, Federal Reserve speakers and earnings from CoreWeave, Cisco Systems and Applied Materials.

Key Economic Releases & Notable Earnings

Monday, Aug. 10

Before the Open

Barrick Mining (B), est. $0.83

Ferguson Enterprises (FERG), est. $3.30

Monday.com (MNDY), est. $1.11

Economic Releases

Tentative, Cleveland Fed Inflation Expectations, prior 3.7%

After the Close

AST SpaceMobile (ASTS), est. -$0.32

Hims & Hers Health (HIMS), est. -$0.05

Rocket Lab USA (RKLB), est. -$0.06

Tuesday, Aug. 11

Before the Open

Cardinal Health (CAH), est. $2.42

Sea Limited (SE), est. $0.82

Venture Global (VG), est. $0.48

Economic Releases

10:00 GMT, NFIB Small Business Index, forecast 97.8 (prior 97.4)

12:15 GMT, ADP Weekly Employment Change, prior 15.0K

14:00 GMT, Existing Home Sales, forecast 4.05M (prior 4.09M)

20:30 GMT, API Weekly Statistical Bulletin

After the Close

CoreWeave (CRWV), est. -$1.42. Revenue is expected to rise 110.7% to $2.56 billion, while the loss widens from $0.60. Oppenheimer maintained its Outperform rating and $150 target despite overbuild and capacity-delay concerns.

Super Micro Computer (SMCI), est. $0.92

Wednesday, Aug. 12

Before the Open

Amcor (AMCR), est. -$0.03

Brinker (EAT), est. $3.09

Nebius Group (NBIS), est. -$0.67

Economic Releases

12:30 GMT, Core CPI m/m, forecast 0.2% (prior 0.0%)

12:30 GMT, Core CPI y/y, forecast 2.5% (prior 2.6%)

12:30 GMT, CPI m/m, forecast 0.1% (prior -0.4%)

12:30 GMT, CPI y/y, forecast 3.4% (prior 3.5%)

14:30 GMT, Crude Oil Inventories, prior 2.5M

17:01 GMT, 10-y Bond Auction, prior 4.58|2.6

18:00 GMT, Federal Budget Balance, forecast -294.6B (prior -120.3B)

After the Close

Cisco Systems (CSCO), est. $1.17. Revenue is expected at $16.83 billion, up 14.7% year over year, with EPS up 18.2%. UBS expects AI infrastructure demand to support Networking revenue and Product orders, with gross margin near 66%.

Cerebras Systems (CBRS), est. -$0.17

Thursday, Aug. 13

Before the Open

Birkenstock Holding (BIRK), est. $0.76

JD.com (JD), est. $5.63

Tapestry (TPR), est. $1.27

Economic Releases

12:30 GMT, Core PPI m/m, forecast 0.3% (prior 0.2%)

12:30 GMT, PPI m/m, forecast 0.2% (prior -0.3%)

12:30 GMT, Unemployment Claims, forecast 20K (prior 199K)

Tentative, Mortgage Delinquencies, prior 4.44%

14:30 GMT, Natural Gas Storage, prior 33B

17:01 GMT, 30-y Bond Auction, prior 5.06|2.4

After the Close

Applied Materials (AMAT), est. $3.39. Revenue is forecast at $9.01 billion, up 23.4% year over year, with EPS up 36.7%. Stifel expects 13%-plus quarterly rev...