A crush of big-cap earnings and arguably the most important economic reports until September combine to make the week ahead the busiest of the summer for markets.
The Fed also meets Tuesday and Wednesday, but it is unlikely to change its message so traders are honing in more on second-quarter GDP Wednesday and the July employment report Friday. There are also reports on home prices, consumer confidence and sentiment readings, monthly auto sales, and ISM manufacturing data.
"This for me is the last key week of the summer," said George Goncalves, head of interest rate strategy at Nomura. The next big event will be when the Fed meets Aug. 22 at its annual symposium in Jackson Hole, Wyoming. Some Fed watchers believe Fed officials will start to discuss their exit strategy and the path to higher rates. Then the next big batch of economic data comes in September, with the release of the August jobs report Labor Day week.