Investors are heading into what analysts describe as the most consequential week of 2025 for financial markets, with a Federal Reserve policy decision, a deluge of economic data and hundreds of corporate earnings reports all due in the coming days. The S&P 500, which closed at a record for the fifth straight session on Friday, faces its first major test of the second half as traders gauge whether the rally can withstand the information barrage. The economic calendar is crowded. On Wednesday, the Commerce Department releases its advance reading on second-quarter gross domestic product, followed by the Fed’s interest-rate decision. Policymakers are widely expected to keep rates unchanged, but investors will parse Chair Jerome Powell’s remarks for guidance on the timing of potential cuts. Friday brings the July non-farm payrolls report, which will cap a week that also features consumer-confidence data, the Employment Cost Index and the latest read on inflation-adjusted personal spending. Regional manufacturing gauges are already signaling weakness, with the Dallas Fed index projected to contract for a sixth consecutive month. Corporate results could amplify market swings. More than 800 companies are scheduled to report, including mega-cap technology names Apple, Amazon.com, Microsoft and Meta Platforms, as well as Visa, Mastercard, Exxon Mobil and Chevron. Of the S&P 500 constituents that have reported so far, 83% have topped profit forecasts, according to FS Insight, beating estimates by a median 4%. The backdrop also includes fresh developments on trade and deal-making. Washington and Brussels last week struck a tariff accord, while the United States and China extended a pause on new levies for 90 days. Separately, Union Pacific and Norfolk Southern are said to be nearing a merger that would create a coast-to-coast railroad valued at about $200 billion, with Norfolk Southern due to release earnings on Tuesday. Muted market volatility—evidenced by the Cboe Volatility Index trading below 15—suggests investors remain sanguine, but strategists warn that the convergence of policy, economic and corporate news could quickly alter sentiment and set the tone for the remainder of the year.