06:10 AM EDT, 07/21/2025 (MT Newswires) -- US equity investors will watch technology earnings and international trade policy this week as more catalysts are needed to push the S&P 500 and the Nasdaq Composite higher into new record territories.

* Earnings will broaden out to include certain members of the 'Magnificent Seven' group -- Tesla (TSLA) and Alphabet (GOOG, GOOGL) -- in a market that has "once again become narrowly driven," Scotiabank said in a note. Technology heavyweights such as Intel ( INTC ) , IBM ( IBM ) , NXP Semiconductors ( NXPI ) , and Texas Instruments ( TXN ) will also be reporting this week.

* Based on 11% of companies having reported results so far, S&P 500 earnings have risen 6.1% year-over-year, ahead of the FactSet consensus as of June 30 for 4.8% growth, according to a D A Davidson note. Q2 sales are up 6.6%, above the June 30 consensus of 4.2%. FactSet's Q2 earnings estimate, which combines reported results with the remaining consensus, currently implies a 5.4% advance.

* Aug. 1 is the deadline for the Trump administration to reach agreements with the European Union, Canada, and Mexico, the three largest trading partners for the US. Over the weekend, Commerce Secretary Howard Lutnick said he anticipated a deal with the EU before the hard deadline, according to a note from FXStreet.

* Early Monday, the news was less positive amid reports suggesting the new universal tariff on all EU goods will be above the current rate of 10% with fewer exemptions, the FXStreet report said. Murmurs are louder in the EU about retaliatory measures, including new taxes on US tech giants.

* Federal Reserve Chair Jerome Powell will deliver opening remarks on Tuesday at a Fed conference on the regulatory capital framework. Investors will watch out for more attacks on the Fed chief from Republicans after President Donald Trump denied last week any plans to fire Powell.

* Macroeconomic data due this week includes S&P Global Flash US PMIs, existing home sales, durable goods orders, and jobless claims.