Last week reminded investors that the market is still being driven by headlines, not fundamentals. The Dow Jones Industrial Average surged more than 1,300 points on a single session. Wednesday, when news broke of a two-week ceasefire in the Iran conflict. By Friday, the move had largely reversed. The S&P 500 finished the week essentially flat at 6,816. The Nasdaq held on to a modest gain of 0.35%. The Dow gave back more than half its Wednesday surge, closing at 47,916.
That kind of volatility has a name on Wall Street: indecision. The market isn't broken, but it's not confident either. It's waiting for something more durable than a geopolitical headline to build on.
This week, it gets that something. Q1 earnings season kicks into high gear with four major reports across five trading days: Goldman Sachs (GS) today, Bank of America (BAC) and ASML (ASML) on Wednesday, and Netflix (NFLX) on Thursday. Each one will add a data point to the question the market has been circling for weeks: have companies actually absorbed the pressure from tariffs and elevated inflation, or is it starting to show up in their guidance?
What Goldman Sachs Reports Today
Goldman Sachs (GS) reports before the bell Monday morning, and it's the right place to start earnings season. Goldman's trading desk had a volatile quarter to work with: tariff announcements, a geopolitical spike, and significant moves in rates and currencies. Trading revenue in volatile environments tends to be strong. The more nuanced read will be in investment banking, where deal activity has been sluggish as executives wait for more certainty before committing to mergers or IPOs.
Analysts are watching Goldman's commentary on client sentiment closely. What is the bank hearing from corporate America about the rest of 2026?
ASML's Order Book Tells the Real Chip Story
ASML Holding (ASML) reports Wednesday, and this is arguably the most important earnings report of the week for tech investors who want a ground-level view of semiconductor demand.
ASML is the only company in the world that manufactures extreme ultraviolet lithography machines, the tools chipmakers need to build the most advanced processors. That monopoly position makes its order book a real-time indicator of where the global chip industry is heading. When ASML's orders are strong, it means TSMC (TSM), Intel (INTC), and Samsung (SSNLF) are investing in more capacity. When orders slow, the entire semiconductor supply chain feels it.
The chip sector has been whipsawed in 2026 by tariff uncertainty and shifting AI demand forecasts. ASML's numbers Wednesday will tell investors whether the capex plans of major chipmakers are holding firm or getting trimmed.
Stock of the Week: Netflix (NFLX)
Netflix (NFLX) reports Q1 2026 earnings Thursday after the close, and it is the highest-profile event of the week. The company has spent the past year quietly rebuilding itself from a subscriber-growth story into something more structurally durable: an advertising business.
The ad-supported tier now accounts for a significant and growing share of new signups. Netflix told investors it expects its advertising revenue to roughly double in 2026. The company raised subscription prices in January, a move that was supposed to hurt retention and didn't, at least not in any way analysts could measure. Password-sharing crackdowns that looked like a ceiling on growth turned out to behave more like a floor, pushing tens of millions of casual users into paying subscribers.
Analysts expect revenue growth of approximately 12% year over year and continued operating margin expansion. The more important number Thursday will be guidance. Netflix has one key advantage: it is largely insulated from tariffs. Its product is digital entertainment, not a physical good that crosses a border. That makes it one of the most credible growth stories in a market where most large-cap tech companies are navigating real supply-chain risk.
Netflix has historically moved between 7% and 10% in either direction on earnings day. With the stock near multi-month highs, Thursday's after-hours reaction will carry weight beyond Netflix itself. A strong report with raised guidance would be a signal to the broader market that premium consumer spending is holding. A cautious outlook would put pressure across the growth space.
The bull case: ad revenue growth above projections, raised full-year guidance, subscriber additions above 5 million. The bear case: cautious guidance citing macro uncertainty, ad revenue below plan, a 7% to 10% pullback that leaves Netflix technically intact but shakes market confidence.
Bottom Line
The market survived last week intact. This week asks whether it can build on that. Goldman Sachs starts the answer today. ASML fills in the chip picture Wednesday. Netflix closes the week Thursday with the highest-stakes report of Q1 earnings season for consumer tech.
Watch the guidance language, not just the top-line numbers. Companies that raise guidance in this environment get rewarded. The ones that hedge get punished. By Friday, investors will have a clearer picture of whether this market is stabilizing or just pausing before the next move lower.
Stock of the Week: Netflix (NFLX). Earnings Thursday after the close. Tariff-immune. Ad revenue accelerating. Current consensus points to continued growth, the question is whether management is willing to say so publicly.
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