EDITOR'S NOTE

There's an earnings avalanche in the week ahead. Apple, Amazon, Alphabet and Microsoft are among the 30% of the S&P 500 reporting earnings in the week ahead. A third of the Dow also reports, and strategists say this is the big test for the market after the Dow and S&P 500 returned to record territory in the past week.

"The tug-of-war in good versus bad earnings reports has landed in favor of the market with the S&P hitting an all-time high. That may run into difficulty next week,” said one strategist. “We may finally be seeing some cracks in the earnings season.”

So far, about 84% of S&P 500 companies are beating earnings estimates, but those that missed have been punished. Snap's advertising issues wiped out about a quarter of its market capitalization Friday and put the focus squarely on Facebook's earnings Monday and Twitter and Alphabet's reports Tuesday.

There is also third quarter gross domestic product  on Thursday and the personal consumption expenditures data due Friday. That report includes the PCE deflator, the Federal Reserve's preferred measure of inflation. Investors are also watching the 10-year yield which has been  closing in on 1.70% and could test this year's high close of 1.74%.

THE WEEK AHEAD

ACTIVIST SPOTLIGHT

YOUR WEEKEND BRIEFING