The Week Ahead
July 27, 2026
Economic news
Advance Q2 GDP July 30th
On July 30th we get our first estimate of second quarter U.S. economic growth. Though this is just the first of three estimates, it can seemingly set the trend for markets, so it will have a firm hold on the mindset of investors and the Fed. Many will be looking to see whether growth remained steady in the second quarter after Q1 growth results ended up being revised to the upside, coming in at 2.1%1.
Fed Interest Rate Decision Jul 29th
The Fed has had a policy of remaining committed to restoring price stability. Expectations are for the Federal Funds rate to remain at 3.75%2, as Kevin Warsh looks to quell inflation. It is quite the balancing act for the new Fed Chair, as interest rates, inflation, unemployment, and other variables all form a delicate relationship. While the expectation is for rates to remain the same for now, matters like the continuing conflict in the Middle East and subsequent higher energy prices could put pressure on the Fed to do something with rates down the road.
Earnings Related Market Movers
Coca-Cola July 28th
Up 17% year to date, Coca-Cola will be one of the blue-chip names in focus this week as investors look for another steady quarter from the global beverage giant. In its previous earnings report, the company delivered 12% revenue growth to $12.5 billion, 10% organic revenue growth, and 18% earnings-per-share growth to $0.913. Management also raised its full-year guidance, citing continued momentum across its global portfolio despite an uncertain macroeconomic backdrop. Organic revenue growth is anticipated to be 4% to 5%, with comparable earnings per share growth of 8% to 9%.
Heading into next week’s report, investors will be watching whether Coca-Cola can maintain its pricing power while continuing to grow volumes in key markets. Updated guidance, management’s outlook on consumer demand, and commentary on currency headwinds will likely be just as important as the headline earnings numbers, especially after the company increased its full-year expectations following the previous quarter’s strong performance.
Starbucks July 29th
Starbucks is coming off a solid second fiscal quarter. The coffee juggernaut reported a comparable (comp) store sales increase of 7.1% in the second quarter this year, with a 4.4% increase in total transactions. Total net revenues for the company increased 8.8% year over year to $9.53 billion, while net earnings per diluted share improved 32.4% to $0.45 per share4. As a result, the stock is up 24% this year.
Looking to the fiscal third quarter, analyst estimates are expecting earnings of $0.66 per share5, marking a continued improvement over 2025 results of $0.49 per share6. For the year, Starbucks provided guidance in the second quarter that expects global and United States comp store sales to grow at least 5% if not greater, with consolidated net revenues anticipated to be “roughly” flat year over year.
Given that Starbucks managed to create revenue growth in both the first and second quarters, investors will likely be waiting to see if they can do it again in the third. Perhaps they can beat their own full year guidance of “flat” net revenues.
Apple July 30th
Apple found decent momentum through the first two fiscal quarters of the year; gaining 16% in net sales through the first six months of the fiscal year to $254.94 billion7. This has primarily been driven by iPhone 17 sales8, which helped phone category sales increase roughly $10 billion in the second fiscal quarter.
Average analyst estimates are calling for full fiscal year earnings of $8.76, which would give Apple a forward P/E ratio of 379. That’s a small discount from current valuations but is still high; perhaps that’s the cost of being invested in one of the world’s most successful companies. Investors will likely be looking for continued momentum in the iPhone 17, especially the 17e. Other products of note are the Macbook Neo. In all, Apple is still primarily a phone company, but services are becoming an ever-larger part of the story. The app store, Apple Music, and Apple TV+ continue to become very lucrative pieces of the business, and investors will certainly be watching to hear about further progress on this front.
1 https://tradingeconomics.com/united-states/gdp-growth
2 https://tradingeconomics.com/united-states/interest-rate
3 https://investors.coca-colacompany.com/news-events/press-releases/detail/1158/coca-cola-reports-first-quarter-2026-results-and-updates-full-year-guidance
4 https://s203.q4cdn.com/326826266/files/doc_financials/2026/q2/2Q26-Earnings-Release-Final.pdf
5 https://www.marketwatch.com/investing/stock/sbux/analystestimates?mod=mw_quote_tab
6 https://s203.q4cdn.com/326826266/files/doc_financials/2025/q3/SBUX-06-29-2025-Exhibit-99-1-1.pdf
7 https://www.apple.com/newsroom/pdfs/fy2026q2/FY26_Q2_Consolidated_Financial_Statements.pdf
8 https://www.apple.com/newsroom/2026/04/apple-reports-second-quarter-results/
9 https://www.marketwatch.com/investing/stock/aapl/analystestimates?mod=mw_quote_tab
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