Despite hot inflation data, earnings reinforced the promise of artificial intelligence. This week is packed with earnings, the Fed, a jobs report, and the Berkshire Hathaway meeting.

Worries about the soft landing sent stocks tumbling. The second busiest week of earnings season has four of the Magnificent 7 report earnings, which will be crucial.

As shown by the banks, the focus will be on earnings guidance for the remainder of 2024. Hot inflation likely scuttled the Fed’s June rate cut, sending stocks lower.

With this season expected to mark trough earnings growth for the year, earnings guidance will be closely watched. The CPI and PPI reports will impact Fed rate cut timing.