Tesla, Boeing, UPS highlight earnings rush: What to know this week

Stocks secured their sixth straight week of wins on Friday as strong earnings from Netflix (NFLX) boosted the overall tech sector. The attention now turns to other Magnificent Seven names, with EV maker Tesla (TSLA) set to report quarterly results on Wednesday.

The Dow Jones Industrial Average (^DJI) led markets higher, up about 1% over the past week. The benchmark S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) followed, each securing weekly gains of around 0.9% and 0.8% respectively.

Both the Dow Jones and S&P 500 reached all-time highs throughout the course of the week as well.

Meanwhile, the rotation out of megacap tech and into other areas of the market was on display this week as Utilities (XLU) ripped higher to end the five-day period up 3.4%, followed by Real Estate (XLRE) and Financials (XLF) with gains of 3% and 2.4%, respectively. Small caps also outpaced the major indexes, with the Russell 2000 (^RUT) finishing the week up around 2%.

The market moves come as investors have enjoyed a particularly strong start to earnings season, with Big Tech giants like Apple (AAPL) and Amazon (AMZN) still yet to report.

So far, 79% of S&P 500 companies have delivered a positive earnings surprise for Q3, which is above the overall five-year average of 77%, according to FactSet senior earnings analyst John Butters.

The earnings season party will continue this week, with reports from Tesla, Boeing (BA), General Motors (GM), American Airlines (AAL), and UPS (UPS) among names set to highlight a busy calendar.

Outside of earnings, investors will also be monitoring a slew of economic data, including the final reading of consumer sentiment from the University of Michigan due Friday. The Fed Beige Book, slated for Wednesday, will provide another pulse check on current economic conditions across the 12 Federal Reserve districts.

The housing market will also be top of mind after mortgage rates increased for the third consecutive week, with the 30-year fixed rate inching closer to 6.5%.

A weekly update on jobless claims is also on the schedule, as well as activity checks from the services and manufacturing sectors.

Tesla is set to deliver quarterly earnings on Wednesday following the much-anticipated "We, Robot" event that took place on Oct. 10.

Wall Street analysts polled by Bloomberg expect the EV giant to deliver adjusted earnings per share of $0.60 on revenue of $25.42 billion. Global deliveries, which improved sequentially for the first time this year, along with a potential tick-up in automative gross margins, should help boost profits in the quarter.