Earnings reports will dominate the week as big names like Bank of America, Netflix, Tesla, and Twitter report amid plenty of drama. While investors have already baked into share prices that the earnings season will show some disappointments and downward revisions, the latest reads on consumer demand, labor shortages, and supply chain issues will still be critical. The economic calendar next week includes updates on housing starts, existing home sales, and the Philadelphia Fed Manufacturing Index.

The Senate could vote on a slimmed-down measure to boost the U.S. semiconductor industry as soon as this week as lawmakers struggle to compromise on broader legislation targeting Chinese competitiveness. The scaled-back bill would likely provide $52B in grants, tax credits and other financial incentives to build out the American chip sector.  Congress will need to kick things into high gear before the August recess, which is only several weeks away.

Goldman Sachs posted profit and revenue that exceeded analysts’ estimates as fixed income traders generated roughly $700 million more revenue than expected. Second-quarter profit fell 48% to $2.79 billion, or $7.73 a share, driven by industrywide declines in investment banking revenue. Still, the per share results were more than a dollar higher than the average analyst estimate