More Magnificent Seven earnings are coming next week, helping to decide the direction of a stock market that’s becoming more discerning, while the latest data on the labor market will cast light on the state of the economy. Alphabet and Amazon are the next big technology companies in line to have their income statements scrutinized, after the punishing response to Microsoft’s earnings this week showed investors have become harder to please. Microsoft beat expectations on the top and bottom lines, but the stock tumbled 10% on Thursday after a dip in cloud computing growth. Not even the retail crowd has thus far stepped in to buy a megacap suddenly on sale. For investors, that likely means they will have to dig deeper into earnings releases to find the winners in this stock market, one that is counting on fundamentals and profit growth to justify further advances this year. “The market really is changing its tune from a ‘show me the money’ to a ‘show me the margin’ kind of stance,” Mark Malek, investment chief at Siebert Financial, told CNBC. GOOG YTD mountain Alphabet, ytd performance The two mega-caps reporting next week may have better news to share or receive a warmer welcome than Microsoft. Alphabet was the best performing Mag 7 stocks in 2025, when the Google-parent’s AI developments offered a compelling alternative to OpenAI’s ChatGPT . In 2026, investors remain confident in the internet giant’s prospects. Amazon’s mix of businesses also make it attractive for traders. The online retailer announced a restructuring this week that eliminated 16,000 jobs which, added to 14,000 job cuts in October, equals about a 10% reduction in headcount in its corporate and tech workforce of roughly 350,000. Last year, CEO Andy Jassy said efficiency gains from AI will likely be responsible for shrinking Amazon’s payroll in coming years. The rush of earnings next week will also include other major AI names, such as Advanced Micro Devices, Qualcomm and Palantir Technologies . Results from major Dow stocks such as Walt Disney Co. are also on deck. Jobs and the Fed There’s also the big jobs report next Friday, preceded by a raft of data including the latest Job Openings and Labor Turnover Survey (JOLTS) and ADP employment survey, all of which will give investors a better view into the labor market. Notably, the data will come after the Federal Reserve this week indicated the economic outlook is improving, even going so far as to remove the warning that there are “downside risks to employment” from its regular policy statement — and leading investors to conclude the timeline for any further interest rate reductions this year has been pushed farther out. How the Fed continues to shape monetary policy around those risks will be watched closely by investors, especially with Kevin Warsh named as Fed chair nominee to replace Jerome Powell when his chairmanship ends in May. Warsh is widely considered a credible leader by the financial community — he worked at Morgan Stanley for a time — relieving fears that either the Fed’s independence or its fight against inflation will be compromised. Meanwhile, Fed Governor Christopher Waller, one of two dissenting voices at this week’s Federal Open Market Committee meeting, has expressed dissatisfaction with keeping lending policy unchanged, saying weakness in the labor market requires more rate cuts. On Friday, he said last year’s employment data will likely be revised down to show “zero” job growth in 2025. .SPX YTD mountain S & P 500, ytd performance Also in focus for the market next week is a potential partial shutdown of the U.S. government that’s on track for Saturday after a planned Senate vote on a funding deal to keep federal agencies open got sidetracked. Stocks in January are set to notch a winning month, a potential bright spot for the outlook. The “January Barometer,” a predictive measure of how the year will go that Stock Trader’s Almanac’s Jeff Hirsch told CNBC’s Fred Imbert is “the best thing for the market,” is positive. On Friday, however, stocks dropped to close out the month — the latest indication that perhaps the most defining feature of 2026 will be volatility. Week ahead calendar All times ET. Monday, Feb. 2 9:45 a.m. S & P Global PMI Manufacturing final (January) 10 a.m. ISM Manufacturing (January) Earnings: Simon Property Group , Palantir Technologies , Healthpeak Properties , Tyson Foods , The Walt Disney Co. Tuesday, Feb. 3 10 a.m. JOLTS Job Openings (December) Earnings: Prudential Financial , Clorox , Chipotle Mexican Grill , Take-Two Interactive Software , Super Micro Computer , Mondelez International , Electronic Arts , Skyworks Solutions , Amgen , Match Group , Jack Henry & Associates , Emerson Electric , Corteva , Atmos Energy , Advanced Micro Devices , Illinois Tool Works , Pfizer , Merck , Marathon Petroleum , PepsiCo , TransDigm Group , PayPal Holdings , Hubbell , Archer-Daniels-Midland Co. Wednesday, Feb. 4 8:15 a.m. ADP Employment Survey (January) 9:45 a.m. S & P Global PMI Composite final (January) 10 a.m. ISM Services PMI (January) 6:30 p.m. Fed Governor Cook speaks at the Economic Club of Miami on monetary policy and the economic outlook Earnings: O’Reilly Automotive , MetLife , Costco Wholesale , Allstate , McKesson , Aflac , Align Technology , Qualcomm , Alphabet , AvalonBay Communities , Fox Corp. , Fortive , Yum! Brands , T. Rowe Price Group , Phillips 66 , Old Dominion Freight Line , CME Group , Uber Technologies , Eli Lilly , Equifax , Boston Scientific , GE Healthcare Technologies , Stanley Black & Decker , Cognizant Technology Solutions , AbbVie Thursday, Feb. 5 8:30 a.m. Continuing Jobless Claims (01/24) 8:30 a.m. Initial Claims (01/31) 8:30 a.m. Unit Labor Costs preliminary (Q4) 8:30 a.m. Productivity preliminary (Q4) Earnings: Microchip Technology , VeriSign , Fortinet , Monolithic Power Systems , Amazon.com , Ventas , Regency Centers , Mettler-Toledo International , Molina Healthcare , Ralph Lauren , Intercontinental Exchange , Huntington Ingalls Industries , Rockwell Automation , IQVIA Holdings , Hershey , Fastenal , ConocoPhillips , Bristol Myers Squibb , KKR & Co. , Tapestry , The Estee Lauder Companies , Snap-On , Ares Management , Cardinal Health , CMS Energy , News Corp. Friday, Feb. 6 8:30 a.m. January Nonfarm Payrolls Report 10 a.m. Michigan Sentiment preliminary (February) 12 p.m. Fed Vice Chair Jefferson speaks at the Brookings Institution Conference Supply-Side Factors and Inflation: What Have We Learned?, Washington, D.C. 3 p.m. Consumer Credit (December) Earnings: Cboe Global Markets , Centene , Philip Morris International , Biogen