The big three indexes closed higher on Friday and for the week. The small-cap Russell 2000 also closed in the plus column for the week as well.

Semiconductors and memory-chip makers, which had been under pressure lately, roared back to life mid-week.

Cap-Ex concerns are still a worry, but the mostly impressive sales and earnings, even from those with rising CapEx, are helping to mitigate those worries.

Also helping stocks last week was the Fed's decision to keep rates unchanged, despite some believing it was time to raise rates. That did not stop the bond market from lifting yields on long-dated Treasuries, as many believe the Fed will have to tighten.

But last week's Personal Consumption Expenditures (PCE) index (the Fed's preferred inflation gauge), which came in as expected, and showed an easing from the previous month, helped allay some of those worries and took the urgency out of the equation.

Earnings season continues to impress. Although, some big names did give pause to the market.

Apple, for example, despite posting both positive top and bottom-line surprises, and double-digit quarterly EPS and sales growth -- their "strongest June quarter ever," their warning about memory shortage, and likening it to a "hundred-year flood," and slightly lower guidance, weighed on shares.

Meta also saw pressure after posting a negative EPS surprise, although a positive sales surprise, and a negative quarterly EPS growth, but positive sales growth. Raising their full-year CapEx by an additional 1.85% didn't help.

But, by and large, earnings season has been another stellar one, so far.

This week we'll hear from as many as 1,795 companies on deck to report, including Palantir and Marriott today; SpaceX (their first earnings report since going public), and Advanced Micro Devices on Tuesday; Sandisk and Eli Lilly on Wednesday; and Cloudflare and Datadog on Thursday, among many others.

On the economic report front, the main event will be Friday's always important Employment Situation report by the Bureau of Labor Statistics (BLS).

In the meantime, the market will also be watching developments in the Middle East.

Over the weekend, President Trump called off planned strikes against Iran, citing the emergence of a deal framework that could open the Strait of Hormuz.

Oil has been climbing after the Memorandum of Understanding was broken and fighting resumed in the region, most notably with Iran firing on ships in the Strait and attacking Gulf states allied with the U.S.

The reopening of the waterway, and a cessation of hostilities, would go a long way to bring oil back down, ease inflationary concerns, and remove one of the worries hanging over the market.

Talk of a deal with Iran is looked at skeptically since they have refused to follow through on any diplomatic breakthroughs. There's a hardline faction in the country that clearly does not want peace or normal transit through the Strait. But if one does come to fruition, the market will cheer the news (for as long as the deal holds).

And that could be a big bullish catalyst for the market.

See you tomorrow,