Reports from Alaska Air Group (ALK) on Monday and United Airlines (UAL) on Tuesday will provide another read on the effects of soaring jet fuel prices, while GE Vernova's (GEV) results on Wednesday will offer a bellwether on the state of demand for AI and power generation infrastructure.
Even as a temporary ceasefire between the US and Iran seems to be holding ahead of its expiration on Tuesday, there is still no clear end in sight to the war that has roiled global energy flows.
The US stock market doesn't care as the all-time highs show.
"Offense is taking the field. Risk appetite has returned, and early cyclical rotation pressures are building beneath the surface of the broader market," noted LPL Financial chief technical strategist Adam Turnquist.
That said, strategists warn that while there has been a broad renewal of equity momentum, markets will need to see real progress in Iran to keep it up. On Friday, Iran's foreign minister Abbas Aragchi said the Strait of Hormuz was "completely open," but ship traffic remained largely stalled.