US Stock Market: Earnings season gathers pace as AI heavyweights, chipmakers take centre stage

Wall Street enters a busy earnings week with over 80 S&P 500 companies set to report, including Alphabet, Tesla, Intel, and Texas Instruments. Analysts expect S&P 500 Q2 earnings to rise 26 percent year-on-year, but the Philadelphia Semiconductor Index has fallen more than 20 percent from its late-June peak, entering bear market territory despite being up over 60 percent year-on-year. Alphabet's AI capex plans, Intel's results, and Middle East geopolitical tensions alongside the upcoming Fed meeting remain key risk factors.