A packed earnings calendar (including several Magnificent 7 reports), Wednesday’s Fed decision and Thursday’s first read on Q1 U.S. GDP are what’s driving the markets this week. Here’s what’s happening…

• More than 900 companies report earning this week, including 5 of the Magnificent 7 tech stocks with 4 reporting on the same day! This morning, expect reports from Visa, Coca-Cola, Novartis, T-Mobile, Corning, Booking Holdings, S&P Global, and BP, all taking backseat to Wednesday numbers from Alphabet (Google), Microsoft, Amazon, and Meta (Facebook), as well as AstraZeneca and AbbVie. Thursday is no slouch either, with reports from Apple, Eli Lilly, Mastercard, Caterpillar, Merck, Amgen, SanDisk, Conoco Phillips, and Western Digital, followed Friday by Berkshire Hathaway, Exxon Mobil, Chevron, Linde, ING Group, Aon, and Colgate Palmolive. *

• Fed officials head back to D.C. this week for what could be Jerome Powell’s final meeting as Fed chair, with energy prices still running hot and the Iran conflict keeping a cloud of uncertainty over the economic outlook. Powell’s eight‑year run looks increasingly likely to wrap up on May 15 now that a key hurdle to confirming his expected successor, Kevin Warsh, was cleared on Friday. Before he hands over the reins, Powell is set to oversee one more FOMC decision on Wednesday, and markets are betting on another steady call, keeping the fed funds rate parked in its 3.50% to 3.75% range where it’s been since December. **

• The first look at Q1 GDP is due this week, and forecasts suggest the economy may have picked up. The U.S.–Iran conflict is a key wildcard for both inflation and growth. Thursday’s GDP report is expected to rebound from a soft Q4 (0.5% annualized), with Q1 tracking around 2.3% annualized. The outlook is still tricky: disruptions in the Middle East have slowed Gulf energy shipments, which could lift prices and cool growth. One bright spot: April surveys show some resilience. S&P Global reports that “US business activity growth recovered slightly in April, having slowed to near-stagnation in March following the outbreak of war in the Middle East.” Even so, growth remains modest, especially in services. ***

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