In analysts' open-plan offices, from Wall Street to MarketScreener, calm is finally returning. With major progress between the United States and Iran towards resolving the conflict in the Middle East, the financial news flow had thinned out. Although this is just a short-lived reprieve.

Next week will mark the start of the Q2, or interim, earnings season, with expectations particularly high. While January and February delivered on their promise, March completely reversed the trend. Over the first quarter, the S&P 500 fell -4.3%, while the Nasdaq dropped 7%. The same pattern played out across the Atlantic, where the STOXX Europe 600 shed nearly 8% of its market value. Only Asian markets managed to buck the trend, helped by their sector mix.

Adding to that are renewed tensions in the Middle East this Wednesday, July 8, after Donald Trump canceled the framework agreement. This new season will leave companies no margin for error. The market is already pricing in an exceptional quarter, largely driven by Big Tech. According to the FactSet report published on July 2, S&P 500 overall growth estimates climb to 23.3% y-o-y. Although nothing is set in stone yet.

During these reporting weeks, the big challenge for companies will be to beat expectations, or at least meet them. As MarketScreener regularly points out, the euphoria around Tech investing is starting to fade. Semiconductor stocks are losing ground and rumors of a delayed OpenAI IPO are intensifying. Investors are also rotating toward more defensive sectors, which are less exposed to the bursting of a potential 'AI bubble'.

The first quarter has proved this: the market no longer settles for results that merely meet expectations. So this season looks set to be lively. A quick look at what lies ahead for the world's largest multinationals is in necessary:

Nvidia: the market is once again betting on explosive growth in the Data Center segment, driven by the broad rollout of the Blackwell architecture. Investors will be watching gross margins (expected around 73%) and factories' ability to meet demand without delays.

Apple: after a record first quarter, Apple guided the market to revenue growth of 14% to 17% for this quarter. Analysts want to see whether enthusiasm for on-device AI features will trigger the famous device upgrade "super-cycle", especially after the massive jump in selling prices.

Microsoft: here, the pressure point remains return on investment. Microsoft is pouring tens of billions into its data centers. The market now demands that this spending translate into a clear acceleration in Azure growth.

LVMH: after a mixed start to the year, the world's luxury leader needs to reassure investors about the resilience of the US market and Asian consumer behavior. A disappointment from LVMH could push the French CAC 40 into the red.

ASML: the level of new orders will be closely watched. Investors want to know whether TSMC, Intel and Samsung are stepping up purchases of machines to produce next-generation chips.

For a market that has recently notched record highs across the globe, this test looks decisive. The starting gun will be fired next week by major US banks, ASML, TSMC and Richemont. Those first numbers will set the tone for the rest of the summer.