Here are the 3 big things we're watching in the stock market in the week ahead

Amazon , Meta Platforms , Microsoft and Apple headline the busiest week of this summer earnings season. Plus, the Federal Reserve holds its July policy meeting, which adds intrigue following rekindled Middle East tensions. 1.

Earnings: We've got 10 Club names reporting this week, including the other three hyperscalers on the heels of Alphabet earnings last week. Without further ado, let's get into it. All quarterly revenue and earnings per share (EPS) estimates are from LSEG.

Estimates for other metrics are from FactSet. BA YTD mountain Boeing YTD Boeing kicks off the busy week of earnings on Tuesday morning . The stock is limping into the print, thanks in large part to rekindled Mideast tensions and the resulting surge in oil prices.

The inverse relationship between oil prices and aerospace stocks has been on display since the Iran war first broke out on Feb. 28. Our investment in Boeing is predicated on CEO Kelly Ortberg cleaning up the planemaker to capitalize on strong long-term flying demand, so we've largely looked through this year's ups-and-downs for the stock.

That patient attitude can be maintained as long as Boeing's financial performance shows improvement, which makes Tuesday's check-in critical. The biggest metric to watch is free cash flow, both for the reported quarter and its full-year guidance (currently for $1 billion to $3 billion). For the second quarter, Wall Street expects Boeing to report a cash burn of $179 million, before turning positive in the third and fourth quarters.

We'll also pay close attention to any updates to Boeing's outlook for 2026 plane deliveries (currently 500) and the timeline for increasing monthly production of 737 Max jets. Revenue: $24.25 billion Earnings per share: loss of 30 cents GLW YTD mountain Corning YTD Corning , which will also report on Tuesday morning , has been absolutely crushed following a monster rally on seemingly no news at the end of June.

As a result, management needs to reaffirm its status as a key beneficiary of the massive capital expenditure (capex) spending on data center infrastructure. The company must also provide an updated timeframe for the shift from copper wiring to fiber optics, which we expect to start ramping sometime around 2028. Any update on the company's multiyear Springboard growth initiative, such as long-term supply deals with hyperscalers or negotiations in the works, will no doubt be viewed positively by the Street.

Since Corning's late April earnings report, it has inked deals with Nvidia and Amazon. Revenue: $4.61 billion Earnings per share: 76 cents PG YTD mountain Procter & Gamble YTD Our expectations for Procter & Gamble on Wednesday morning are fairly muted.

For starters, CFO Andre Schulten said at an early June conference that U.S. consumer trends "have been softening," on the heels of the war-driven pickup in inflation.

The other piece to the puzzle: P & G has to contend with the pickup in oil prices and associated supply chain problems for inputs sourced from the Middle East, most notably chemicals used in cleaning products. This means P & G is experiencing pressure on both its top line (consumer) and bottom line (elevated costs), explaining our subdued stance into the company's fiscal 2026 fourth quarter. In some respects, the most pertinent question is where P & G establishes its initial guidance for fiscal year 2027.

The current consensus for FY27 organic sales growth is 2.2% and EPS of $7.02, implying a 2% year-over-year increase, according to FactSet.

We'll also be listening to updates from new CEO Shailesh Jejurikar on his plan to invest in innovation and put P & G on solid ground to reaccelerate sales growth when the tough macro backdrop improves. Reinvigorated top-line growth could turn P & G into more than just a defensive hedge in our portfolio. We trimmed the position in early July, at roughly $152 a share.

Revenue: $21.38 billion Earnings per share: $1.41 SBUX YTD mountain Starbucks YTD On a Wednesday night dominated by Big Tech, we'll also hear from Starbucks .

Last quarter proved the "turn" in CEO Brian Niccol's turnaround had arrived . Now we want confirmation it's sustaining — measured by same-store sales growth on both a global basis and in the U.S.

, its most important market and the main focus of Niccol's revitalization efforts since taking over in September 2024. That's no longer all. Investors are demanding stronger profits after initially accepting a steep drop from Niccol's in-store investments.

Accordingly, we want to see a second straight quarter with year-over-year improvement in adjusted operating margins and another EPS beat. Looming over the results is the impact that elevated gas prices had on consumers' willingness to buy coffee, tea, and energy refreshers away from home. We've also seen some analysts flag that this will be Starbucks' first report since its China operations went into a joint venture with private-equity firm Boyu Capital, creating some potential noise in the financ