Trading today is expected to revolve around the quarterly earnings calendar and the S&P 500’s proximity to record highs.

What to Expect at the Open

The S&P 500 is currently less than 1.5% away from its all-time high, with SPY trading under $10 below its previous peak. UBS raised its year-end 2026 S&P 500 target to 8,100, roughly 8.8% above current levels. Morgan Stanley also sees further room for multiple expansion in MSCI Europe.

Earnings Before the Open

Several notable companies are reporting today (July 22), including GEV, T, PNM, TNL, TEL, IRDM, TDY, WAB, PHM, MCO, CME and others. Earlier in the week, attention centered on TSLA, INTC, GOOGL and NOW.

X chatter has focused primarily on the earnings slate and index levels, without pronounced directional sentiment.

The Bottom Line

The open is likely to be driven by the earnings reports and elevated index levels. Conditions can shift during the session.