Wall Street’s AI Rally Faces Earnings and Fed Test

Markets enter a consequential earnings window as investors reassess AI valuations, corporate profitability and monetary-policy risk. At a glance: U.S. equities ended a turbulent week lower on Friday, with technology shares stabilizing but failing to reverse concerns about the durability of the market’s AI-led advance. Investor attention is shifting toward a dense corporate reporting calendar and the Federal Reserve’s upcoming policy meeting, with roughly one-third of S&P 500 companies expected to report during the next week. Early third-quarter results have nevertheless pointed to strong a