Wall Street Week Ahead: Alphabet, Intel results in focus for AI trade as US earnings rev up

US markets are watching upcoming Q2 earnings from Alphabet and Intel, which are seen as key gauges for the AI trade. The S&P 500 slipped on Friday, with the Philadelphia Semiconductor Index down over 20% from its late-June peak, confirming a chip bear market, though the index remains up more than 60% year-to-date. S&P 500 earnings are projected to grow 26% in Q2, while investors also monitor Fed rate expectations and Middle East tensions that could pressure energy prices and inflation.