Week ahead: Wall Street gears up for volatility as Big Tech earnings kick into high gear

Week ahead: Wall Street gears up for volatility as Big Tech earnings kick into high gear Proactive Mon, July 20, 2026 at 4:46 PM GMT+2 3 min read CL=F GOOG TSLA TXN IBM Wall Street heads into a pivotal week with investors preparing for a flood of corporate earnings, major artificial intelligence announcements and lingering geopolitical tensions that have pushed oil prices above $90 a barrel. The spotlight will be on Wednesday's earnings from Alphabet Inc (NASDAQ:GOOG) and Tesla Inc (NASDAQ:TSLA) , which many see as a crucial test for the AI-driven rally after last week's sharp selloff in technology stocks. More than 70 S&P 500 companies are due to report over the coming days, including Texas Instruments Inc (NASDAQ:TXN) , International Business Machines Corp (NYSE:IBM) , AT&T Inc (NYSE:T, XETRA:SOBA)  on Wednesday, Intel Corp (NASDAQ:INTC, XETRA:INL) , T-Mobile US Inc (NASDAQ:TMUS, XETRA:TM5) , Lockheed Martin and Comcast on Thursday, and American Express and Verizon on Friday.

Earlier in the week, General Motors, Charles Schwab, Capital One and Danaher will also release results. Kathleen Brooks, research director at XTB, said investors have become more selective after months of enthusiasm for AI-related stocks. "There has been a major shift in stock market sentiment," Brooks said.

"Investors are moving on from the exuberance of the second quarter to a fundamental-based assessment. They want to see what the AI giants can deliver this earnings season before they commit to another leg higher in the AI stock market rally. " Technology stocks were hit hard last week, with the Nasdaq 100 falling nearly 3.

5% and semiconductor shares leading the decline as investors questioned whether soaring AI investment is generating sufficient returns. Brooks believes Alphabet's earnings could set the tone for the sector. "We believe that how well, or not, Google's earnings are received could determine the direction of the AI trade in the near term," she said.

Tesla will also be closely watched after reporting record second-quarter vehicle deliveries, with investors looking for updates on cash flow, margins and any news surrounding its autonomous vehicle plans. AI will remain front and centre beyond earnings. AMD hosts its Advancing AI event in San Francisco on Wednesday, where CEO Lisa Su is expected to unveil new products and outline the company's AI strategy.

Samsung will also hold its Galaxy Unpacked event in London, where it is expected to launch new foldable smartphones and wearable devices. Outside of technology, the Farnborough International Airshow begins Monday, with Boeing, Airbus and other aerospace companies expected to announce aircraft orders, while San Diego Comic-Con later in the week could generate headlines for Disney, Warner Bros. Discovery and Apple as they unveil upcoming entertainment releases.

Story Continues The economic calendar is relatively quiet, with Federal Reserve officials in their blackout period ahead of the July 28-29 policy meeting. Investors will instead focus on the European Central Bank's policy decision on Thursday, flash PMI data and U. S.

new home sales on Friday. Markets will also keep a close eye on the Middle East after renewed tensions lifted Brent crude above $90 a barrel. "As political risk premiums push the oil price above $90 per barrel, this poses broader macroeconomic risks," Brooks said, warning that persistently high energy prices could complicate the inflation outlook for central banks.

Swissquote senior analyst Ipek Ozkardeskaya expects markets to remain volatile. "Volatility is therefore likely to remain elevated, but not necessarily to the upside," Ozkardeskaya said. "Markets could see another leg lower in both the US and Europe if geopolitical tensions intensify further and/or investors remain focused on AI spending rather than earnings growth.