Wall Street Hovers Near Records as Q2 Earnings Season and Fed Minutes Loom

US equities entered the second full week of July trading near record highs, with the S&P 500 hovering close to the 8,000 level after a strong first half of 2026. Sentiment remained cautious even at elevated valuations, as investors positioned for the opening of the second-quarter earnings season and the release of Federal Reserve meeting minutes on July 8. Consumer bellwethers lead the reporting calendar, with PepsiCo due on July 9 and Delta Air Lines on July 10, offering an early read on household spending and travel demand, before major banks such as JPMorgan Chase, Citigroup and Goldman Sachs kick off the main wave from July 14. Beneath the surface, money has been rotating out of high-priced technology and semiconductor names into other sectors, adding short-term volatility. Safe-haven demand has also been evident, with gold climbing above $4,130 an ounce. Analysts flagged risks including tariffs that could stoke inflation and elevated energy prices, while some strategists nonetheless lifted year-end index targets, reflecting confidence in resilient corporate earnings.