By Dan Lam

Equities rebounded from their late-June swoon last week as all three major indexes rose at least 1.7%. The Dow Jones Industrial Average ended the shortened-trading week at a record high, while the S&P 500 index and Nasdaq Composite remain 1.7% and 4.7%, respectively, below their early June peaks.

Traders can catch their collective breath this week as economic data releases will be light and only two S&P 500 companies will announce earnings. The respite will be brief, however, as second-quarter earnings season kicks off when the big banks begin to release their results on July 14.

The Institute for Supply Management will release its Services Purchasing Managers' Index on Monday, and the Federal Open Market Committee will publish minutes from its June confab on Wednesday. The National Association of Realtors will report existing-home sales on Thursday.

PepsiCo will announce quarterly results on Thursday, and Delta Air Lines will follow suit on Friday.

Monday 7/6

The Institute for Supply Management releases its Services Purchasing Managers' Index for June. Consensus estimate is for a 54.2 reading, slightly less than the May figure.

Tuesday 7/7

The Bureau of Economic Analysis releases the trade balance report for May. The consensus call is for a $79 billion trade deficit in goods and services, following a $56 billion shortfall in April.

Wednesday 7/8

Levi Strauss reports second-quarter fiscal-2026 results

The Federal Open Market Committee releases the minutes from its mid-June monetary-policy meeting. At that meeting, the FOMC kept the federal-funds rate unchanged at 3.5% to 3.75%. It was the first FOMC meeting chaired by Kevin Warsh, who succeeded Jerome Powell in late May. Warsh reiterated the Federal Reserve's target of 2% inflation, which Wall Street perceived as hawkish. Traders are pricing in a quarter-point rate hike by the end of October, earlier than previously expected.

Thursday 7/9

PepsiCo and WD-40 release earnings.

The National Association of Realtors reports existing-home sales for June. Economists forecast a seasonally adjusted annual rate of 4.2 million homes sold, slightly more than in May.

Friday 7/10

Delta Air Lines announces quarterly results. Shares of the carrier are up 34% this year and hit a record high this past week.

Write to Dan Lam at dan.lam@dowjones.com

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