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By Connor Smith | Friday, July 25 Cruising. The S&P 500 set the tone with a record close on Monday, and the index built on it every day this week. The market benchmark rose 0.4% to close Friday with a fresh record for a fifth time in as many days. The last time it set records every day in a week was in November 2021. The Nasdaq Composite rose 0.2% to mark a closing high of its own. It has set a record nine times in the last 10 trading days. The Dow Jones Industrial Average rose 0.5% to move 112 points away from its first record since Dec. 4. After a busy week of earnings, the calendar was quiet today. More than a third of S&P 500 companies have reported results so far this season, with stocks averaging a gain of 0.6%, according to Dow Jones Market Data. Things will only heat up next week. More than 150 firms report results in the week ahead, with Apple, Microsoft, Meta Platforms, and Amazon.com serving as headliners. "People are still actively looking for new longs as things start to feel ‘tired,’" writes Mizuho's Daniel O'Regan about his conversations with hedge funds and long-only managers. "Regarding earnings, some have said the bar might be set low which sets up nicely into results. Some management teams might have been overly cautious when initially setting guidance a few months ago (because of the tariff uncertainty)," he adds. If earnings next week aren't enough, the Federal Open Market Committee will also announce its July interest-rate decision on Wednesday. Despite calls from the president for Chairman Jerome Powell to cut rates, traders see just a 2.6% chance of such a cut next week, according to the CME FedWatch Tool. Odds of a September cut are much higher at 64.1%. "Powell is probably saying if he does ease, he will look like he is bending on the Fed independence, while if he doesn't ease he will have six more weeks of winter from the White House," writes Andrew Brenner, head of international fixed income at NatAlliance Securities. "What we do see happening is that Powell will vote with the majority but use the presser to present an easing case for September." If that's the case, it could make next week's Fed meeting less of a circus. Watch our TV show on Fox Business Saturdays and Sundays at 9:30 a.m. and 10:30 a.m. ET. This week, David Malpass, former president of the World Bank, on the case for lower interest rates. Plus: A checkup on target-date funds. 
DJIA: +0.47% to 44,901.92 The Hot Stock: Deckers Outdoor +11.4% Best Sector: Materials +1.2% 
This Weekend's Magazine
The CalendarThe Aug. 1 tariff deadline is no longer an overhang for stocks as investors have seemingly moved on from tariff headlines to embrace positive economic data, including a continuing drop in jobless claims. That jubilant mood could be put to the test next week with a host of important macroeconomic events and data releases. The Federal Open Market Committee meets on Tuesday and Wednesday, culminating with Fed Chair Jerome Powell’s press conference. Of particular interest will be how the divisions within the FOMC play out at the meeting, with Fed Govs. Christopher Waller and Michelle Bowman both advocating for interest rate cuts despite traders pricing in a negligible chance of it happening at this meeting. An inflation reading from the Bureau of Economic Analysis on Thursday and the jobs report from the Bureau of Labor Statistics on Friday will be the two big market movers of the week, giving more insight into the Fed’s dual mandate of stable prices and maximum employment. It will also be the busiest week of second-quarter earnings season with roughly 150 S&P 500 companies reporting, including four of the Magnificent Seven. Things have gotten off to a strong start with more than 80% of companies beating earnings-per-share estimates and about 80% beating revenue projections among the one-third of S&P 500 companies that have reported so far. Procter & Gamble and Visa announce earnings on Tuesday, followed by Meta Platforms and Microsoft on Wednesday. Amazon.com, Apple, and Mastercard release their results on Thursday, while two oil giants, Chevron and Exxon Mobil round out the week on Friday. --Dan Lam 
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