The Dow and S&P both hit record highs intraday on Friday thumbing their noses at trade concerns with China. The Nasdaq was off slightly. A sector change set to take place on Monday in which S&P telecom stocks will be combined with stocks like Amazon (AMZN) and Facebook (FB) into a new sector dubbed communications services drove some market volatility late in the day. There may be more trade barbs exchanged over the weekend, but the main focus for investors next week will be the Fed. While it is widely expected the Fed will raise interest rates next week, the commentary that accompanies their actions will drive the markets. The statement will be dissected and compared to their last release which lauded the strong economy.

Only two companies are scheduled to release earnings on Monday. Amalgamated Bank (AMAL) and Ascena Retail Group (ASNA). This will mark Amalgamated’s second earnings release after the bank joined the Nasdaq earlier this year. As the number of banks has diminished, investors have shown their appetite for the socially responsible lender pushing the stock higher since its IPO. Analysts will be interested to see how rising interest rates will benefit the bank. Ascena, the parent of retailers Justice and Lane Bryant, has been focusing on reducing cost as its low end brands, like Dressbarn, stumble. Investors will be itching to hear how CEO David Jaffe plans to continue the stocks upward momentum after a 75% gain so far in 2018.

The Fed meeting isn’t the only game in town next week. The economic calendar is brimming with data for everyone. Monday the Chicago and Dallas Feds release industrial activity reports. Tuesday kicks off the Fed meeting, but we’ll also get some retail and housing data. Redbook retail data will be released, and we’ll see the Case-Shiller Home Price Index as well as the FHFA House Price Index. The FHFA Index, which covers only Fannie Mae and Freddie Mac conforming loans, is expected to rise 6.5% year over year. Wednesday afternoon the Fed makes its announcement on interest rates, but earlier in the day mortgage applications and new home sales numbers will be released. Thursday will bring durable goods numbers, GDP and jobless claims. GDP is expected to hold at 4.2%. Friday will close down the week with personal income numbers and consumer sentiment.

The most interesting earnings news next week will be from Nike (NKE). The company has been under a microscope lately after hiring Colin Kaepernick for an advertising campaign. Joining Nike on Tuesday will be Cintas (CTAS) and Manchester United (MANU). Wednesday Bed, Bath & Beyond (BBBY) and CarMax (KMX) will release their quarterly earnings. On Thursday Accenture (ACN) and Carnival (CCL) will take to the earnings stage. After falling post-earnings last quarter the cruise line has rallied back and is now trading above the pre-earnings number. BlackBerry (BB) and Vail Resorts (MTN) will wrap up the week’s earnings on Friday.

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