Wall Street Sits Near Records as Busy Week of Bank Earnings and Inflation Data Looms

US equities closed the week within striking distance of record highs, leaving the S&P 500 only a short distance below its early-June peak near 7,620 as an artificial-intelligence-driven technology rally continued to lead the market. The tech sector gained about 3% on the week, extending a run that has lifted the Nasdaq roughly 29% for the year, while energy shares rose alongside oil prices that climbed after renewed tension around the Strait of Hormuz. Investors are positioning for one of the busiest stretches of the quarter: June Consumer Price Index data is due alongside congressional testimony from Federal Reserve Chair Kevin Warsh, followed by the Producer Price Index and the unofficial start of earnings season, when large banks including JPMorgan Chase, Bank of America, Goldman Sachs, Wells Fargo and Citigroup report. Big banks often set the tone for the broader earnings picture. Treasury yields have pushed above 4.5%, reflecting a hawkish Fed and sticky inflation, and market breadth has improved, with a majority of S&P 500 stocks trading above their 50-day averages. The results and inflation prints will test whether the rally can hold.