Last week, U.S. stocks posted their strongest gains since late June, fueled by robust corporate earnings and growing expectations for a September Fed rate cut. The S&P 500’s earnings growth rate rose to 11.8%, up from 4.9% at the start of earnings season, while recession fears faded sharply from prior quarters. Tariff concerns took a backseat despite new trade barriers taking effect, and President Trump’s Fed nominee, Stephen Miran, is expected to support lower rates. The S&P 500 and Russell 2000 each climbed 2.4%, and the Nasdaq jumped 3.9%, as gold hit record highs, oil slid over 5%, and the yield curve steepened. This week, all eyes are on Tuesday’s CPI report, which could cement or derail rate-cut expectations.

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