After weeks of getting beat by the stick, investors finally got a carrot this past week as the S&P 500 rallied 5.6% and put the market within reach of breakeven on the year — another big win for “nothing really happens” enthusiasts. But as recent consumer expectations demonstrate — and earnings from Tesla, Boeing, and PepsiCo revealed last week — trade uncertainty remains a cornerstone, with Trump’s rage against the globalist machine far from over.

The week ahead: Peak earnings season is here, with 791 companies set to report. Here are our top three themes to watch:

• Big Tech beckons: Big Tech reports from MetaMETA
  and MicrosoftMSFT
  are slated for Wednesday — while AppleAAPL
  and AmazonAMZN
  will follow on Thursday. Reports from America’s largest firms are seen as a cornerstone of the earnings season.
• Do we have a consumer conundrum? After Chipotle cast doubt on the consumer in its earnings report last week, analysts will keep a watchful eye on results from staples like StarbucksSBUX
  , McDonald’sMCD
  , and Yum BrandsYUM
  . Separately, consumer goliaths like Coca-ColaKO
  and Mondelez InternationalMDLZ
  will also make a showing.
• Pharma’s formal entry: Late last week, earnings from healthcare firms began to trickle out, but Tuesday will give us a better feel for things, with NovartisNVS
  , AstraZenecaAZN
  , and PfizerPFE
  helping to set the tone for this relatively undervalued segment. They’ll be joined by GSKGSK
  , Eli LillyLLY
  , and AmgenAMGN
  , among others.

Other Big Themes for the Week

We’ll also have an eye on reports from across the tech world — including streaming standout SpotifySPOT

, enterprise software company AtlassianTEAM

, and the payment duopoly of VisaV

and MastercardMA

. Plus, these three other industries get honorable mentions…

• No time to travel: JetBlueJBLU
  and FrontierULCC
  will round out US airlines reports, but their peers have been clear — economic circumstances are waning. Will the rest of the travel industry agree? Booking HoldingsBKNG
  and trivagoTRVG
  , along with cruise giants NorwegianNCLH
  and Royal CaribbeanRCL
  , short-term rental platform AirbnbABNB
  , and hotel chain HiltonHLT
  could tell.
• Is ‘drill baby drill’ doomed? Oil prices have been hammered in recent weeks, falling below $60 on demand jitters. That’s bound to make reports from America’s two largest oil producers — ExxonXOM
  and ChevronCVX
  — extra interesting.
• Industrials would like a word: Industrials like steel giant NucorNUE
  , chemicals firm DuPontDD
  , and conglomerate Honeywell InternationalHON
  will likely have more colorful commentary than their tech compatriots — speaking to the scale and impact of the broader market situation.