The first financial reporting season for US stocks will begin next week after Liberation Day.

American companies are preparing to announce their second-quarter results, with investors looking for the impact of Trump's tariff policies. Although it is expected that corporate profit growth will slow down compared to the first quarter, a significant depreciation of the dollar may help offset the potential tariff effects. On July 15th, JPMorgan Chase and several large banks will be the first to kick off the earnings season. Peter Tuz, President of Chase Investment Counsel, said that since trade negotiations are still ongoing, tariffs may once again be a topic of many companies' earnings conference calls. Nicholas Colas, co-founder of DataTrek, stated that for many S&P 500 component companies, the earnings expectations are low enough that their second-quarter profit growth is expected to exceed expectations by far. The recent record high of the S&P 500 index "indicates that the market shares the same view."