Overview

• Major banks including JPMorgan Chase, Wells Fargo and Goldman Sachs kicked off second-quarter earnings season with tariff-driven cost pressures weighing on profitability.
• UBS analysts project a 4.1% year-over-year rise in S&P 500 earnings per share for Q2 even as Deutsche Bank warns tariffs have trimmed about two percentage points from aggregate profits.
• Investors are looking to Tuesday’s June Consumer Price Index release for fresh clues on inflation trends and possible Federal Reserve rate actions.
• Retail sales data and the homebuilder confidence survey for June will reveal whether consumers and the housing market have rebounded following earlier tariff-related buying surges.
• Speeches by Federal Reserve Governor Michelle Bowman and New York Fed President John Williams will further shape market expectations on monetary policy.