At a Glance

• Apple holds its annual product event Wednesday, with a possible foldable iPhone expected
• Oracle reports earnings Thursday, with Wall Street watching its AI cloud revenue closely
• Adobe faces scrutiny over whether its AI tools are protecting Creative Cloud growth
• AeroVironment reports Wednesday after a $51 million U.S. Army drone order
• Friday's CPI report could shape the Fed's September rate decision

Wall Street heads into a shortened week with just four trading sessions, as markets close Monday for Labor Day. Investors are focused on inflation data, interest rates, and a slate of major earnings reports that could move markets.

The week's biggest macro event is Friday's Consumer Price Index report for August. A stronger-than-expected jobs report has already lifted expectations for a Federal Reserve rate hike at its September 15-16 meeting. Fed funds futures place the odds of a hike at around 57%. Producer price data arrives Thursday, making the final two sessions especially important for growth stocks, whose valuations tend to be more sensitive to rate expectations because much of their value rests on future earnings.

Here are the five stocks to watch.

Apple

Apple holds its annual product launch event on Wednesday. The company is expected to unveil the iPhone 18 Pro and Pro Max, along with what could be its first foldable iPhone.

That would mark Apple's biggest iPhone form-factor change in years. It would also put Apple into a category where rivals like Samsung have already been selling foldable devices, giving investors a fresh test of whether Apple can still command premium pricing in a maturing smartphone market. The event is also the first major product launch under new CEO John Ternus.

Investors will be watching pricing and availability closely. There are also concerns about delays to some of Apple's AI features that could weigh on sentiment around the launch.

Oracle

Oracle reports fiscal first-quarter results after Thursday's closing bell. Wall Street expects revenue of around $19.1 billion, which would represent growth of roughly 28% year over year.

The focus will be on Oracle Cloud Infrastructure. Investors want to know whether the company's large AI-related backlog is converting into actual revenue quickly enough to support its heavy data-center spending. That question matters beyond Oracle: the company has been one of the most visible beneficiaries of corporate AI infrastructure spending, and its numbers are often read as a signal of broader demand for AI computing capacity.

Strong cloud growth or positive guidance could lift AI and data-center stocks more broadly, while concerns about capital spending or execution could push the stock lower.

Adobe

Adobe also reports after the close on Thursday. The company previously guided for quarterly revenue of $6.67 billion to $6.72 billion, with non-GAAP earnings of $6.05 to $6.10 per share.

The real focus is on Adobe's AI strategy. Investors want to see whether the company's Firefly tools are keeping Creative Cloud competitive against lower-cost generative AI platforms. The stakes are high because Creative Cloud subscriptions are the core of Adobe's recurring revenue base, and the rise of cheap text-to-image and video generation tools has raised questions about whether that base is durable.

Subscriber trends, annual recurring revenue, and management's forward guidance will carry more weight than the headline earnings number itself.

AeroVironment

Defense technology company AeroVironment reports fiscal first-quarter results Wednesday after the close. The company recently secured a $51 million U.S. Army order for its Switchblade 600 loitering munitions.

AeroVironment sits at the crossroads of two major investing themes: rising defense budgets and autonomous military technology. Demand for loitering munitions and tactical drones has grown sharply as the war in Ukraine has demonstrated their battlefield effectiveness, prompting Western governments to expand procurement. Investors will be paying close attention to backlog growth and guidance given current geopolitical tensions.

Exxon Mobil

Exxon Mobil has no earnings this week but remains one to watch. Oil markets are sensitive to rising U.S.-Iran tensions and risks around the Strait of Hormuz, the chokepoint for roughly a fifth of the world's oil shipments.

OPEC+ decided Sunday to hold its October output policy steady. Higher oil prices can support earnings for major producers like Exxon, but they also add to inflation pressure and could keep interest rates elevated.

A hotter CPI reading on Friday could further complicate the picture for energy stocks and the broader market, since energy is a direct input into CPI's fuel and transportation components.