WinCap Financial

Investors may finally get a chance to catch their breath this week.

Economic data will be pretty light, and only two S&P 500 companies are scheduled to report earnings.
The biggest item on the calendar comes Monday, with Services PMI. This report gives investors a look at the health of the services side of the economy

Then on Wednesday, we’ll get the minutes from the Federal Reserve’s June meeting. Traders will be watching closely for any clues on how Fed officials are thinking about interest rates, inflation, and the path ahead.

On Thursday, the National Association of Realtors reports existing-home sales, which will give us another read on the housing market. Also on Thursday, PepsiCo reports earnings, followed by Delta Air Lines on Friday.

But the real action starts the following week, when second-quarter earnings season officially kicks off with the big banks reporting on July 14.

OpenAI looks to be pushing its IPO from late 2026 into 2027, and the reasons are about timing rather than the business itself. The trigger was SpaceX’s rocky debut: it IPO’d at a record valuation, topped $225, then fell back to around $153 within two weeks,  and that round trip made OpenAI’s advisors more cautious that retail investors may have less appetite for the next mega listing.

The economic calendar is front-loaded because of the Friday holiday. Monday and Tuesday will provide reads on manufacturing, industrial activity, and housing, while Wednesday brings the most important combination of the week: May retail sales in the morning and the Fed decision in the afternoon. Retail sales will help show whether consumers are absorbing higher energy costs or pulling back, while the Fed press conference will be the market’s first major opportunity to interpret Warsh’s tone on inflation, the balance sheet, forward guidance, and the central bank’s preferred inflation measures.