EDITOR'S NOTE

Stocks enter the busiest week of the summer on an upswing after all three major indexes closed at record highs. About 165 major S&P 500 companies will report earnings, with Alphabet, Amazon, Apple and Microsoft among them. Indeed, CNBC’s Jim Cramer said, “There aren’t enough hours in the day to read all the conference calls… so do your best to focus on a few.”

The Federal Reserve meets on July 27 and 28. Economists are watching to see if the meeting reveals any clues about the anticipated wind down of the central bank’s bond-buying program. They also want to know how the Fed views the potential economic risks from the rapidly spreading Covid delta variant.

Fears about the virus hit stocks this past Monday in a meltdown that started in the bond market. Investors will continue to keep a wary eye on Treasury yields.

There is some key data, including Thursday’s second-quarter gross domestic product. The quarter is expected to be the period of peak growth in the wake of the pandemic, so investors will be watching this report with interest.

THE WEEK AHEAD

ACTIVIST SPOTLIGHT

YOUR WEEKEND BRIEFING