Earnings Season Kicks Off This Week: AI Monetization and CPI Take Center Stage

Q2 earnings season officially kicks off this week (starting July 13), with nearly 28 S&P 500 companies — including JPMorgan Chase, Goldman Sachs, and Netflix — set to report. The June CPI also drops Tuesday, landing the same day as bank earnings. Markets are laser-focused on real-world AI monetization and what the inflation data means for the Fed’s next move. As of the July 10, 2026 close, TSMC (TSM) sat at $434.11, down 0.65% (-$2.85) from its prior close of $436.96, holding at that level over the weekend.

Big Banks Lead Off, Earnings Expectations Are High

This earnings season kicks off with the big U.S. banks. According to CNBC, JPMorgan Chase, Bank of America, Citigroup, and CNBC Investing Club members Wells Fargo and Goldman Sachs all report Q2 results on Tuesday (July 14)^[CNBC]. FactSet data shows analysts expect S&P 500 Q2 earnings to grow 23.3% year-over-year — which would mark the second consecutive quarter of EPS growth above 20%^[CNBC].

Yahoo Finance reports that big banks' profit engines are expected to roar this earnings season, fueled by continued consumer spending on Main Street^{[Yahoo Finance]}. Still, uncertainty lingers: stocks are near all-time highs, but U.S.-Iran tensions persist and the risk of another Fed rate hike remains on the table^[CNBC].

CPI and Bank Calls Land the Same Day, Inflation in Focus

Tuesday (July 14) at 8:30 AM ET, the Labor Department releases June CPI. CNBC notes that the timing of this data release coincides exactly with the start of JPMorgan CEO Jamie Dimon’s earnings call^[CNBC]. CNBC points out that the common thread running through the week’s biggest market events is the state of the U.S. economy^[CNBC].

The inflation print will give investors a critical clue about the Fed’s next policy move. Fears of a potential rate hike had been building, but recent economic data has cooled a bit, rekindling rate-cut expectations. A hotter-than-expected CPI could reignite tightening fears; a cooler number could boost risk appetite.

AI Monetization in the Spotlight, Tech Giants Under the Microscope

CNBC reports that tech strategist Dan Ives said on CNBC’s Fast Money on July 10 that this earnings season will see important companies start showing AI monetization^[CNBC]. Ives’ comments come right after SK Hynix’s Nasdaq listing, keeping the spotlight on AI-related names.

Netflix reports this week, and as a bellwether in both tech and media, its subscriber numbers and earnings will be closely watched. Separately, CNBC’s Options Action noted traders are hunting for new AI trades^[CNBC]. Analysts broadly agree that whether AI spending is translating into real revenue and profit is the core question of this earnings season.

Bank of America Picks Five Stocks to Buy Before Earnings

Ahead of earnings season, Bank of America published a note recommending five stocks it sees as having upside potential. According to CNBC, those picks are IBM, Spotify, InterContinental Hotels Group (IHG), Grab, and Deutsche Bank^[CNBC].

BofA analyst Jessica Reif Ehrlich is bullish on Spotify, writing: "We believe Spotify’s Q2 results will reflect stable underlying trends across key performance indicators, with reported revenue growth accelerating on easing FX headwinds"^[CNBC]. Spotify is expected to report in early August.

Key Events Calendar This Week

Beyond bank earnings and CPI, a number of non-bank companies report this week, offering key insights into consumer spending, healthcare, and tech. CNBC reports that Johnson & Johnson also reports this week^[CNBC]. Markets will be watching guidance closely to gauge whether the momentum in U.S. economic and corporate earnings growth can hold.

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