Tech bellwether Apple leads the earnings parade in the week ahead, as market focus also shifts to the Fed's mid-week meeting and Friday's jobs report.
About a quarter of S&P 500 companies report in what will be the last big week for second-quarter earnings. Earnings are up about 22.6 percent over last year and are beating estimates at a pace of 4-to-1.
Caterpillar, Procter and Gamble, DowDuPont, Pfizer and Tesla are among the names reporting, but Apple will be the most widely watched. According to analytics firm Kensho, Apple in the past 12 quarters has had an average move of 4 percent, in either direction, on the day after its report. Apple follows a string of tech earnings that have been largely positive, with the glaring exceptions of Facebook and Twitter, which both had massive sell-offs after disappointing forecasts.
"Obviously, you've got Facebook and Twitter on one side of the ledger, and you have Amazon on the other. Apple doesn't have privacy issues, and I think Apple is generally going to be in pretty good shape," said Jack Ablin, chief investment officer at Cresset Wealth Management. "Obviously the question is about trade issues. Is there any upset with their supply chain?"