S&P, Nasdaq rise on the heels of some solid corporate earnings after the S&P 500 and Nasdaq Composite eked out yet another record even has trading remains restrained.

This week is a key stretch for corporate earnings, with "Magnificent Seven" names Meta Platforms, Microsoft, Apple and Amazon all set to report results on Wednesday and Thursday. As it stands, 170 S&P 500 companies have reported their quarterly results, and more than 83% have beaten expectations, according to FactSet data.

Some corporate results have missed the mark, however, with shipping giant and consumer bellwether UPS posting an earnings miss and while also not issuing forward guidance. Whirlpool ’ s second-quarter results also missed analyst estimates on the top and bottom line.

The looming Federal Reserve interest decision on Wednesday has kept gains check for equities, however, even as the central bank is largely expected to keep benchmark interest rates unchanged. Investors will also parse a slew of economic data this week, including a reading of gross domestic product and private payroll data due out Wednesday. Wall Street will cap off the data-heavy week with the key July jobs report on Friday.

″ [ M ] arket sentiment could be tested in the coming days as investors brace for several major U.S. data releases, the outcome of the Federal Reserve ’ s policy meeting, and second-quarter results from the bulk of the Magnificent 7 U.S. tech companies," said Ulrike Hoffmann-Burchardi, chief investment officer for the Americas and global head of equities at UBS Global Wealth Management.

While investors effectively looked past the U.S.-EU trade deal, they will be watching for any other potential deals between the U.S. and other countries, such as China, to be announced by Friday ’ s tariff deadline. Top U.S. and Chinese officials met in Stockholm Monday for another round of trade talks. Tariffs and inflation will remain a focal point throughout the week in other areas as well.

July ’ s nonfarm payrolls on Friday will be a key event for traders. Economists polled by Dow Jones expect the report to show 100,000 jobs added in July, less than the 147,000 added in June. The unemployment rate is anticipated to rise slightly to 4.2% from 4.1%.