Big Tech earnings season kicks into gear this week. Alphabet and Tesla both report Wednesday, the first of the mega caps, and they land right as the AI trade is wobbling. Here is your market preview for the week of July 20.
This is your Sunday market preview for the week of July 20 to 24, 2026. This market news and economic calendar roundup recaps the week that just ended and covers the week ahead, from the Alphabet (GOOGL) and Tesla (TSLA) earnings on Wednesday to a light data calendar and the American Express (AXP) consumer read on Friday. Here is what traders are watching before the open on Monday.
Last Week Recap, July 13 to 17, 2026
Last week was a story of soft inflation meeting a shaky AI trade. Both CPI and PPI came in cooler than expected, which cut the odds of a Fed rate hike at the next meeting to roughly 17 percent from about 41 percent, a clear positive. The big banks kicked off earnings season with strong results, led by a record quarter at JPMorgan, and UnitedHealth jumped on a beat and raised guidance. The other side was rougher. IBM crashed about 23 percent on an earnings warning, TSMC posted record profit but still sold off on margin and capital spending worries as a global chip rout dragged the whole semiconductor group, and Netflix fell to a 52 week low on soft guidance. The takeaway: the macro backdrop improved, but the high beta AI and chip names took real damage.
Market News, Week of July 20, 2026
This is the week the mega caps take over. Q2 earnings are running about 23 percent above last year, and the two headliners, Alphabet and Tesla, both report Wednesday after the close. They arrive with tech on the back foot after last week's chip selloff and a jump in oil prices, so the reaction to these reports will set the tone for whether the AI trade stabilizes or stays under pressure. The economic calendar is light, which puts even more weight on earnings this week.
Big Tech Earnings: Alphabet and Tesla
Wednesday, July 22 is the main event. Alphabet (GOOGL) is expected to post earnings around 2.90 dollars per share, up about 25 percent, on revenue near 116.9 billion dollars. The number that matters most is capital spending guidance, since it tells you whether the hyperscalers are still pouring money into AI infrastructure or starting to pull back, which ripples straight into the chip names. Tesla (TSLA) reports the same afternoon, with revenue expected near 26.4 billion dollars and earnings around 54 cents. The focus there is vehicle margins, the autonomous and robotaxi rollout, and any update on the Cybercab. Tesla is historically one of the largest earnings movers in mega cap tech, so expect a big swing either way.
Other Earnings to Watch
The week is packed beyond the two headliners. General Motors (GM) and Verizon (VZ) report early in the week for reads on autos and telecom, Lockheed Martin (LMT) covers defense, AT&T (T) adds another telecom data point, and Intel (INTC) reports as the struggling side of the chip trade. American Express (AXP) closes the week Friday before the open and is the single best look at the premium consumer, since Amex sees real time spending from its cardholders.
Economic Calendar, Week of July 20 to 24, 2026
It is a quiet week for economic data, which is why earnings are the story. The main scheduled items are weekly jobless claims on Thursday, the flash PMIs for a midmonth read on manufacturing and services, and housing data including existing and new home sales. With inflation already confirmed soft after last week's CPI and PPI, there is little on the calendar to distract from the mega cap reports.
Unusual Options Activity
Positioning is building into Wednesday's mega cap reports.
Ticker | Report | Options Read |
|---|---|---|
TSLA | Wed, July 22 | Historically one of the biggest earnings movers in mega cap tech, so options are pricing a large swing. |
GOOGL | Wed, July 22 | The AI capex read of the week. Options activity is picking up into the print. |
INTC | This week | Elevated interest as the weakest of the large cap chip names reports. |
Options flow shows positioning for educational review only. It is not a recommendation to buy or sell. Past flow does not guarantee future direction.
What Traders Are Watching
Three things stand out. First, Wednesday's Alphabet and Tesla reports, which together will tell you whether the AI trade steadies after last week's chip damage, with Alphabet's capex guidance the key tell. Second, whether the semiconductor selloff finds a floor or keeps bleeding into the mega cap reports. Third, oil prices, which climbed last week and remain a wild card for inflation and for energy names. It is a make or break week for the AI leadership that has driven this market.
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Disclosure: I am not a registered financial advisor. This is educational content on market news, the economic calendar, and historical trade reviews. Trading involves risk of loss. Past performance does not guarantee future results. Nothing herein is a recommendation to buy or sell any security. Assume I have positions in tickers discussed. Do not make financial decisions based solely on this content. Trade your own decisions.