Earnings and Fed meeting test shaky AI rally

US stock investors face a pivotal week as major AI company earnings and a Federal Reserve meeting test a shaky market rally, with technology share weakness raising concerns about the AI trade that has driven the bull market. Third-quarter S&P 500 earnings are on pace to climb over 32% from a year ago, with Alphabet, Microsoft, and Amazon reporting next week. Investors will scrutinize capital spending guidance, as hyperscaler outlays near $800 billion this year face sustainability questions amid rising financing costs. The Fed is expected to pause on rates at its Wednesday meeting, with futures suggesting less than a 10% chance of a hike, though markets lean toward a December increase. Investors will watch for hints on the rate path from Chair Kevin Warsh.