Markets Week-Ahead
📅 AI Stocks Week-Ahead — Sunday, August 2, 2026 at 5:00 PM
Prior week recap: SPX +1.0% · NDX +1.6% · DJI +1.0%
It was a tale of two halves: Wednesday's FOMC decision triggered a sharp intraday shock (Dow -1,153 pts, Nasdaq -1.74% — its worst single session since April 2025) on a hawkish 9-3 hold at 3.5–3.75%, but Thursday and Friday erased it entirely, with Amazon leading a Friday recovery and Q2 blended earnings growth tracking a stunning +37.9% YoY on 86% beat rates.
Sunday futures: S&P +0.4% · Nasdaq +0.7% · Dow +0.3%
No major weekend geopolitical breaks; futures are rising on earnings optimism as investors position ahead of PLTR Monday and AMD Tuesday. The Middle East inflation wildcard that drove those three FOMC dissents remains the background tail risk on oil.
Earnings this week:
• Mon, Aug 3 — PLTR ⚑ (Q2; consensus ~$1.81B rev, +81% YoY — government AI spend bellwether)
• Tue, Aug 4 (after close) — AMD ⚑ (Q2; consensus ~$11.2B rev, +46%; MI350 GPU ramp + EPYC demand in focus)
• Wed, Aug 5 — Shopify, Uber, Disney, Eli Lilly (heavy mid-week session)
• Mon, Aug 3 — Snap (social ad spend read)
Economic calendar:
• Mon, Aug 3 — ISM Manufacturing PMI (July): First inflation data point of the week; Prices Paid sub-index is the hot-button number after three hawkish Fed dissents last Wednesday
• Tue, Aug 4 — JOLTS Job Openings (June): Labor demand check before Friday's payrolls
• Wed, Aug 5 — ISM Services PMI (July): Broader service-sector health read
• Fri, Aug 7 — July NFP + Unemployment Rate: The week's marquee macro event; a strong print with wage pressure resets September rate expectations fast
Fed events:
• No FOMC meeting or minutes this week — FOMC minutes from the July 28–29 meeting are tentatively scheduled for Aug 19, not this week. The Fed is out of its blackout period; watch for unscheduled speakers reacting to incoming data, particularly Friday payrolls.
Watchlist catalysts:
• PLTR — earnings Monday Aug 3; ~$1.81B Q2 revenue expected (+81% YoY); market's clearest read on government and enterprise AI contract momentum
• AMD — earnings Tuesday Aug 4 after close; ~$11.2B Q2 revenue expected (+46%); MI350 GPU competitive positioning vs. NVDA is the number behind the number
• 🔔 Anthropic IPO watch: Draft S-1 filed June 1 at ~$965B valuation; bankers scheduling investor roadshows as of mid-July — not yet public, but any roadshow confirmation this week moves sentiment broadly
• 🔔 OpenAI IPO watch: Confidential S-1 filed June 9 at ~$920B valuation; Anthropic holds slight valuation lead entering the home stretch