Markets are entering a pivotal week as investors brace for two key events: the Federal Reserve’s interest-rate decision and quarterly earnings from the world’s largest technology companies. Apple, Microsoft, Meta, Amazon, and Alphabet collectively representing more than $10 trillion in market capitalization are all set to report results, giving investors a clearer picture of how corporate America is weathering the higher-rate environment. Analysts expect mixed outcomes, with AI-driven growth, cloud spending trends, and ad revenues under the microscope.

At the same time, the Fed faces a complex balancing act. Inflation has moderated, but growth is cooling and job creation has slowed factors that could shape policymakers’ tone. While markets broadly expect the Fed to hold rates steady this week, investors will be parsing Chair Jerome Powell’s remarks for any hints about when rate cuts could begin. With equities trading near record highs and volatility at multi-month lows, this week’s combination of macro data and tech earnings could reset market sentiment in either direction.