Earnings, PMI and Other Key Things to Watch this Week

Gavin McMaster

Sun, August 2, 2026 at 10:00 AM PDT 6 min read

Markets enter an earnings-dominated week with a huge concentration of corporate results spanning technology, industrials, healthcare, consumer discretionary, and entertainment sectors.

This will provide a critical assessment of economic health and corporate fundamentals amid persistent uncertainty about technology sector valuations and AI infrastructure spending.

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The earnings calendar features major reports from SpaceX (SPCX), Advanced Micro Devices (AMD), Palantir Technologies (PLTR), Pfizer (PFE), McDonald's (MCD), Arista Networks (ANET), Caterpillar (CAT), Spotify (SPOT), Merck (MRK), SanDisk (SNDK), Uber Technology (UBER), AppLovin (APP), Shopify (SHOP), Disney (DIS), and Eli Lilly (LLY).

The week also features data heavy economic calendar with comprehensive manufacturing and services PMI assessments Monday and Wednesday, alongside the July jobs report on Friday at 8:30am.

Geopolitical risks from ongoing Middle East conflict and energy market volatility continue threatening economic stability with crude oil inventories Wednesday providing supply-demand context amid uncertainty about whether diplomatic frameworks can contain escalation risks. 

The week represents a n important checkpoint for assessing whether Fed Chair Kevin Warsh's recent rate hold decision was appropriate or whether subsequent earnings and economic data suggest policy adjustment requirements heading into late summer and potential Jackson Hole policy guidance.

Here are 5 things to watch this week in the Market.

Manufacturing and Services Activity Assessment

Monday delivers comprehensive manufacturing perspectives through Manufacturing PMI at 9:45am, ISM Manufacturing PMI at 10:00am, and critically, ISM Manufacturing Prices at 10:00am, providing crucial insights into industrial sector health, new orders, employment trends, and business-level pricing pressures. The manufacturing data arrives following weeks of mixed economic signals and Fed policy uncertainty, with particular focus on whether production activity is stabilizing or deteriorating amid geopolitical risks and technology sector repricing. Wednesday's comprehensive services sector assessment through Services PMI at 9:45am and ISM Non-Manufacturing PMI at 10:00am will provide perspectives on the economy's dominant segment accounting for roughly 70% of GDP. The ISM Non-Manufacturing Prices component will be particularly important for assessing inflation breadth and whether energy-driven pressures are broadening into business operations. The employment components across these surveys take on heightened importance given recent labor market volatility, potentially offering early signals about hiring trends ahead of Friday's official jobs report. Strong manufacturing and services data could ease growth concerns and validate the Fed's cautious approach to policy, while weakness would intensify recession narratives and potentially argue for more aggressive policy accommodation.