US investors prepared Sunday for the most consequential week of second-quarter earnings season, with four of the five largest technology companies and major energy producers scheduled to report results. Strategists at Morgan Stanley and Goldman Sachs said the stretch would determine whether equity indices could hold near record levels.

Microsoft, Meta Platforms, Apple and Amazon are all expected to report during the week, alongside oil majors ExxonMobil and Chevron. Analysts polled by LSEG have forecast continued double-digit profit growth from the megacap technology group, driven largely by cloud computing and artificial intelligence infrastructure spending.

The reports follow a solid start to the season, with Alphabet beating estimates on cloud and AI search growth earlier in the week. However, Tesla's earnings miss and softness among some industrial names have left investors focused on whether heavy AI capital expenditure is translating into revenue.

Energy results will be watched against a backdrop of volatile crude prices tied to tensions in West Asia. Market participants also weighed the impact of President Donald Trump's renewed tariff threats, which have unsettled trade talks with Canada and other partners.

Fund managers at BlackRock and Vanguard have cautioned that guidance commentary on tariffs and margins could move markets more than headline figures. Mohamed El-Erian, chief economic adviser at Allianz, said the week would be pivotal. "The question is no longer whether these companies can grow, but whether the pace of AI investment can be justified by returns," he said.