Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises.

One of the world's largest business software companies, SAP provides enterprise software addressing both the management of core business processes and analytics. The company offers specific solutions for industry segments including high tech, oil and gas, utilities, chemicals, healthcare, retail, consumer products, and the public sector. Based in Walldorf, Germany, SAP has a broad base of customers worldwide, including 99 out of the 100 largest global companies, with 80% of its customer base small and midsize enterprises. Products are maintained through product support services and option upgrades. SAP generates 69% of its revenue outside the U.S.

Earnings season is in full swing, with this week being the biggest, by market cap, week of all. And then there is a Fed rate decision in the mix. Last week, the Dow Jones Industrial Average was flat, the S&P 500 lost 1%, and the Nasdaq shed another 2% (after losing 3% the week before). Year to date, all three indices are in positive territory. The DJIA and the S&P 500 are higher 8%, while the Nasdaq is up 7%. Earnings season is in its third week and nearly 900 companies are on the list to report. Headliners include Visa, Coca Cola, Seagate Technology, Boeing, and UPS on Tuesday; Microsoft, Meta Platforms, SK Hynix, Procter & Gamble, and Starbucks on Wednesday; Apple, Amazon, Mastercard, Anheuser-Busch, and Bristol-Myers Squibb on Thursday; and ExxonMobil and Chevron on Friday. Only 26% of S&P 500 companies had reported as of Friday and earnings so far are up a whopping 39% from last quarter. Energy and Communication Services are leading the charge, while Healthcare is at the low end. On the economic calendar, there are two big reports of note -- both due on Wednesday: GDP and inflation indicator PCE (Personal Consumption Expenditures). Turning to economic data, gas prices ticked up last week, rising 16 cents to an average of $4.00 per gallon for regular gas. Meanwhile, the Atlanta Fed GDPNow calls for GDP growth of 1.7% for 2Q, unchanged from last week but down from 3.0% a few weeks ago. The Cleveland Fed Inflation Nowcast forecasts CPI of 3.4% for July, up one tick from last week. Mortgage rates rose another three basis points last week, with the average 30-year fixed-rate mortgage now at 6.58%, according to FreddieMac. As mentioned above, the Federal Open Market Committee (FOMS) rate decision is on Wednesday. Odds are at 38% for a rate hike, much higher than 17% last week. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 7% year to date, while the leading emerging market ETF (EEM) is up 15%. U.S. growth stocks are down 1% year to date based on ETF IWF, while value stocks (IWD) are up 17%. Crude oil prices continue to be volatile. On Friday, oil closed at $90 per barrel and is up 27% for the year. In other asset classes, AGG bonds are down 3% year to date, gold is down 7%, and Bitcoin is down 28%. The U.S. dollar is up 3%, tracking DXY. The VIX Volatility Index was at about 19 on Friday, below its historical average of 20. Turning to sector performance, the list from first to worst so far in 2026 is Energy (+33%), Information Technology (+24%), Industrials (+17%), Real Estate (+11%), Materials (+11%), Utilities (+8%), Consumer Staples (+7%), Healthcare (+4%), Financials (+2%), Consumer Discretionary (-9%), and Communication Services (-10%).

Founded in Germany in 1972 by former IBM employees, SAP is the world’s largest provider of enterprise application software. Known as the leader in enterprise resource planning software, SAP’s portfolio also includes software for supply chain management, procurement, travel and expense management, and customer relationship management, among others. The company operates in more than 180 countries and has more than 400,000 customers, approximately 80% of which are small to medium-size enterprises.