Last week started as a blockbuster one for markets but ended with a trade war whimper.
Earnings from Meta, Microsoft, Amazon, and industrial heavyweights like UPS and Boeing dominated early headlines, GDP data came in somewhat stronger than expected, even as tariffs scrambled some of the data, and the Fed held interest rates steady — keeping a September cut in play.
But then President Donald Trump unveiled a parade of tariffs late Thursday on dozens of countries that will take effect August 7, threatening to upend global commerce and trigger price increases for U.S. consumers. And a brutal jobs report Friday showed that employers added just 73,000 jobs in July, while job gains for the previous two months were revised drastically lower — the market’s weakest stretch since 2020. It all sent stocks swooning to end the week.
Now the focus shifts to the next phases of the trade war and another mega-week for earnings, with Disney, McDonald’s, Palantir, and a wave of pharmaceutical giants set to report — all against the backdrop of ever-volatile geopolitics.
Here’s what to watch in the markets this week.
Monday, August 4
The week kicks off with June factory orders at 10 a.m. ET, offering a read on capital spending and manufacturing demand heading into late summer. On the earnings side, it’s a busy start with more than 150 companies reporting, including Palantir Technologies, MercadoLibre, and Vertex Pharmaceuticals.
Tuesday, August 5
Here comes another heavyweight day for both data and earnings. On the economic front, the morning starts with June’s U.S. trade deficit at 8:30 a.m. ET, followed by the July ISM services at 10 a.m., a closely watched gauge for the economy’s largest sector.
The earnings calendar is even more packed, with 335 companies reporting. Headliners include AMD, Caterpillar, Amgen, Arista Networks, Pfizer, Duke Energy, TransDigm, BP, Marriott, and Diageo. Expect plenty of commentary on sector-level performance, spanning AI, semiconductors, energy, alcohol, travel, and the consumer discretionary sector.
Wednesday, August 6
Midweek brings a breather on the economic data front — nothing is scheduled — but it’s one of the busiest days of earnings season, with an eye-watering 465 companies set to report.
The day’s marquee names span multiple sectors: Novo Nordisk (GLP-1 drugs), Disney (streaming, theme parks), and McDonald’s (snack wraps, chicken strips). Results will also come from Uber, Shopify, AppLovin, DoorDash, McKesson, Thomson Reuters, and Airbnb.
With such a broad lineup, investors can expect market-moving headlines across various sectors again, including healthcare, tech, and industrials — and plenty of guidance updates that will shape the market narrative for Q3.
Thursday, August 7
Trump’s latest tariffs are set to take effect on Thursday.
The week’s heaviest economic calendar also lands Thursday, pairing a flood of data with the single biggest earnings day of the season — with count ‘em — 606 companies reporting.
On the macro side, the morning brings initial jobless claims and Q2 productivity at 8:30 a.m. ET — key reads on labor-market strength and efficiency. At 10 a.m., June wholesale inventories arrive alongside a speech from Atlanta Fed President Raphael Bostic, giving markets a potential policy cue amid weeks (and weeks) of heavy Fed chatter. The day wraps with June consumer credit at 3 p.m., offering insight into borrowing trends.
Earnings are headlined by Eli Lilly (GLP-1s again), Toyota (global auto demand amid tariffs), and Sony (gaming and entertainment). Gilead Sciences, ConocoPhillips, Constellation Energy, and Brookfield also report. Once again, earnings will span nearly every sector: pharma, cars, finance, you name it.
Friday, August 8
The week ends on a quieter note for economic data, with no major U.S. reports scheduled — a welcome breather after Thursday’s data deluge. Markets will still have plenty to digest, though, with earnings season winding down and a few notable names set to report.
Highlights include Under Armour, offering a read on athletic apparel demand, and Wendy’s, which will give insight into fast-food foot traffic and pricing power. While not market movers on their own, these results should add texture to the overall consumer spending picture, such as it may be.
