5 Things to Know Before the Stock Market Opens on Monday, July 29

Here are five key things investors should know to start their trading day:

All major indexes rose on Friday, capping off a volatile week for stocks. The Dow Jones Industrial Average rose 1.64% to close Friday’s trading session at 40,589.34. The S&P 500 and Nasdaq Composite also ended the trading session up 1.11% and 1.03%, respectively, to close at 5,459.10 and 17,357.88. The small-cap and cyclical sectors of the market also continued their rally, with the Russell 2000 advancing 1.67%. The gains were supported by the June reading of the Federal Reserve’s preferred inflation gauge, known as the personal consumption expenditures price index. The report showed a 0.1% increase on the month and a 2.5% increase from the same period last year — in line with economists polled by Dow Jones. Follow live market updates.

This week is the busiest earnings season. Of all the S&P 500 companies, about 160 are scheduled to report their quarterly results, with companies like Advanced Micro Devices and Microsoft due to report early in the week. Apple, another large-cap tech company, is also scheduled to report. The results come at a time when big tech names have been under pressure lately due to the shift to small-cap companies, which underperformed in the first half of the year. Here are the top earnings to watch:

US President Joe Biden has just unveiled his plan to reform the Supreme Court. The three-pronged proposal, called the “No One Is Above the Law Amendment,” calls for term limits for justices, a binding ethics code, and a constitutional amendment that would make presidents immune from prosecution for crimes committed while in office. The reform comes after the Supreme Court ruled earlier this month that former President Donald Trump had immunity for “official acts” performed while in office. The proposal also responds to justices like Clarence Thomas and Samuel Alito who have accepted undisclosed financial gifts.

As customers cut back on their shopping habits, fast-food chains are reintroducing discounted meals. McDonald’s, Taco Bell, Burger King and Wendy’s have all reintroduced $5 meals. This comes at a time when the chains’ aggressive menu prices are starting to scare away some of their customer base, particularly those with lower incomes. On the flip side, Wall Street is becoming wary of the impact that the discounted meals could have on corporate earnings. “The sentiment among investors is that the second quarter is likely to be one of the months to remember — you’ll see a lot of big chains fail to meet consensus.” [estimates]KeyBanc analyst Eric Gonzalez told CNBC:

There’s a new leader at the box office. Marvel’s “Deadpool & Wolverine” opened with $205 million in domestic ticket sales this weekend. Not only is that the biggest debut of 2024, it’s the biggest for an R-rated film in history. Analysts were only expecting between $160 million and $180 million. And it doesn’t stop there. The film has grossed $233.3 million in international ticket sales. That gives it a total of $438.3 million in its opening weekend. “The massive debut of ‘Deadpool & Wolverine’ should convince those who were throwing in the towel on the big screen in May that you can never underestimate the power and resilience of the allure and unpredictability of the moviegoing experience,” said Paul Dergarabedian, senior media analyst at Comscore.

— Samantha Sobin, Pia Singh, Fred Imbert, Rebecca Picciotto, Amelia Lucas of CNBC Sarah Whitten contributed to this report.

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