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Wall St Week Ahead After first-half rally, stocks' July winning streak on the line

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A U.S. stocks rally is cruising into a month that has proven strong in recent years, though equities must navigate employment data and an earnings season that could be precarious, with the Federal Reserve bent on raising U.S. interest rates.

“To the degree the Magnificent Seven has been carrying this..., those are the multiples most likely to get hit with any sort of warning, any sort of negative announcement," said John Lynch, chief investment officer for Comerica Wealth Management.

Rising yields generally dull the allure of stocks compared to bonds, but in recent months equity valuations have still climbed. "At some point, this move in interest rates has got to have some consequences for the markets," Matt Maley, chief market strategist at Miller Tabak, said in a note on Friday.

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