Last week, a marked shift in comments from Federal Reserve officials suggested interest rate cuts could be coming sooner rather than later, after a weak jobs report. This week, inflation could take the spotlight, with fresh data due that could influence their position.

Scheduled earnings from a number of tech companies, including networking giant Cisco Systems and Nvidia-backed CoreWeave, could also offer more insights into AI infrastructure spending and developments in the cryptocurrency industry. Stablecoin issuer Circle's expected report comes as U.S. legislation offering greater regulatory clarity has boosted cryptocurrencies. 

Read to the bottom for our calendar of key events—and one more thing.

Market watchers will get an update on inflation with Tuesday’s expected release of the Consumer Price Index for July, after recent reports indicated price pressures are ticking higher in the wake of Trump’s tariffs, including a higher June CPI reading. 

Wholesale inflation data is set to come two days later. Plus, the planned Friday release of consumer sentiment survey results could show how the public views inflationary pressures. 

Fed officials will be watching the data closely as they look ahead to their September meeting, where some members will likely be pushing for the central bank to cut rates for the first time this year. Richmond Fed President Tom Barkin, Chicago Fed President Austan Goolsbee, and Atlanta Fed President Raphael Bostic could offer more clarity when they deliver remarks this week. 

Scheduled earnings reports from several tech companies this week could also give market watchers detail on developments in the AI and cryptocurrency industries.

Stablecoin issuer Circle (CRCL) is set to report Tuesday, after the U.S. enacted the GENIUS Act in July, providing a legislative framework for stablecoins, cryptocurrencies with a value pegged to another currency or financial asset such as the U.S. dollar. Shares of Circle have soared over 400% from their initial public offering price in early June. 

Cisco’s (CSCO) earnings set for Wednesday come after the network equipment maker reported strong results for the prior quarter on the back of rising AI infrastructure demand, helping to drive its revenue higher.

Cloud computing firm CoreWeave (CRWV), a partner to chipmaker Nvidia (NVDA), is also scheduled to report its second-quarter earnings just as its stock recently got a boost after CoreWeave said it would invest $6 billion in a Pennsylvania data center.

Others set to report earnings this week include semiconductor equipment maker Applied Materials (AMAT), nuclear energy provider Oklo (OKLO), construction equipment maker Deere (DE), and restaurant chain Cava (CAVA).

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