Wall Street closed out last week on a high note. The S&P 500 rose 0.42% to 7,575.39 on Friday, the Nasdaq Composite added 0.29% to 26,281.61, and the Dow Jones Industrial Average gained 0.29% to 52,637.01. SK Hynix stole the session’s spotlight, soaring roughly 13% in a record $26.5 billion Wall Street debut that underscored investor appetite for chipmakers tied to the AI buildout.

That momentum now runs into a week stacked with market-moving data. The five sessions from Monday, July 13 through Friday, July 17 bring the June inflation report, the first congressional testimony of new Fed Chair Kevin Warsh, and the unofficial start of the big-bank earnings season — all inside a 48-hour window.

CPI, Bank Earnings and Warsh’s First Testimony All Land Tuesday

Tuesday, July 14 is the single busiest day of the week. The Bureau of Labor Statistics releases the June Consumer Price Index at 8:30 a.m. ET, according to the agency’s official release schedule. May’s reading showed consumer prices up 4.2% from a year earlier — the fastest annual pace in three years — with core CPI, which strips out food and energy, running at 2.9%. Energy costs alone were up 23.5% year-over-year, a legacy of the oil-market disruption tied to the Strait of Hormuz earlier this year.

Before the market even opens, Wall Street’s biggest banks report second-quarter results: JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs all release earnings Tuesday. JPMorgan enters the print fresh off a $50 billion buyback authorization and a 10% dividend increase, while Goldman Sachs lifted its own quarterly dividend 11% after clearing the Fed’s stress test in June. Then, at 10 a.m. ET, Fed Chair Kevin Warsh delivers his first semiannual Monetary Policy Report testimony before the House Financial Services Committee, a hearing required twice a year by law and widely known as the Humphrey-Hawkins testimony. Warsh, sworn in as Fed chair on May 22, has already signaled where he stands: at the ECB’s Sintra forum on July 1, he called U.S. inflation “too high,” a stance that sits awkwardly next to June’s jobs report, which came in at barely half of Wall Street’s forecast. Markets will be parsing his testimony for clues on whether that tension pushes the Fed toward a rate hike as soon as September, a question that has kept Treasury yields elevated for weeks.

Warsh Returns to Congress as PPI and J&J Earnings Land Wednesday

Warsh testifies a second time Wednesday, this time before the Senate Banking Committee, giving lawmakers — and markets — a chance to press him further on the CPI print and Tuesday’s bank results. The Producer Price Index and the Empire State Manufacturing Index are both due Wednesday morning, and Johnson & Johnson reports earnings before the bell, offering an early read on the healthcare sector.

Retail Sales and Streaming Earnings Close the Week

Thursday brings weekly jobless claims, the Philadelphia Fed Index, and June retail sales — a direct gauge of whether consumers are still spending through a labor market that has clearly cooled. Netflix and UnitedHealth Group both report earnings the same day, with UnitedHealth before the opening bell and Netflix after Wall Street closes. Friday wraps the week with housing starts, industrial production and capacity utilization, rounding out the picture of an economy the Fed is trying to read in real time.

In the bond and commodities markets, the 10-year Treasury yield closed Friday near 4.56%, still elevated after the weak jobs report revived the “good news is bad news” trade. Brent crude settled around $76 a barrel and WTI near $71, both up on the week but off their highs as shipping through the Strait of Hormuz remains disrupted but not blocked. Gold and the dollar index will likely take direction from Tuesday’s CPI-testimony combination as much as anything else on the calendar.

What to Watch for the Open

  • Tuesday, July 14: CPI at 8:30 a.m. ET, big bank earnings before the open, then Warsh’s House testimony at 10 a.m. — the most consequential single day of the week for rate expectations.
  • Wednesday, July 15: PPI and Johnson & Johnson earnings before the bell; Warsh testifies again, this time before the Senate.
  • Thursday, July 16: Retail sales and jobless claims test the “resilient consumer, weakening labor market” narrative; UnitedHealth and Netflix headline earnings.
  • Watch the 10-year Treasury yield for any break above 4.60% — a move that would signal bond markets are pricing in a more hawkish Warsh than expected.

Markets head into the week pricing a possible first rate hike of the year as soon as September, according to CME FedWatch data. Whether that bet survives Tuesday’s CPI-and-testimony combination will likely set the tone for trading through the rest of July.