Wall Street braces for big tech earnings and key economic data in the week ahead as Treasury yields rise

Major earnings reports and economic data will be in focus next week as investors seek clarity on how the Federal Reserve will proceed from here. Wall Street has some concerns as they head into the thick of earnings season next week. A FactSet estimate that accounts for reports that have already come in and forecasts for the ones that haven't is showing S & P 500 earnings are on pace to have fallen 0.7% in the third quarter.

"The Fed has started to signal to the market that its strategy could be higher for longer, meaning to keep interest rates higher before cutting them, but that they were most likely about done with the rate hikes," said Ed Clissold, chief U.S. strategist at Ned Davis Research. "But if inflation and economic growth proves to be stronger than expected, the Fed may feel compelled to signal that it's not done raising rates.

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