CNBC Daily Open: A week when everything happens

• Trump announces a trade agreement with the European Union.
• The Fed is ready to start lowering rates, Trump said.
• The S&P 500 had five straight record closes last week.
• Palantir joins rank of top 20 most valuable U.S. companies.
• Keep an eye on these overbought stocks.

Choose a comfortable seat and grab your popcorn. These five days will basically be the Olympics for market watchers:

• Meta Platforms, Microsoft, Amazon and Apple are reporting earnings.
• The U.S. Federal Reserve's rate-setting committee is meeting.
• The personal consumption expenditures price index, the Fed's preferred inflation reading, comes out.
• U.S. jobs data for July will be released.

And looming over all those financial and macroeconomic events is U.S. President Donald Trump's August 1 deadline for his new tariffs.

As Kim Forrest, founder at Bokeh Capital, said, “What isn't happening in this week?”

Here's the ideal scenario for investors.

The Magnificent Seven companies reporting earnings this week and the U.S. economy secure gold at their respective events. (The Fed is expected to keep rates unchanged — whether this qualifies the central bank for a medal is up for debate).

Big trading partners of the U.S., such as South Korea and India, secure a deal with the White Houseand join the European Union and Japan at the podium, while Beijing extends its tariff suspension with Washington.

If those events happen, U.S. stocks will probably have legs clear hurdle after hurdle — and the S&P 500 can continue topping record tables.

What you need to know today

Trump announces a trade agreement with the European Union. Most European goods, including cars, exported to the U.S. will face a 15% tariff, Trump said Sunday. The bloc also agreed to purchase $750 billion worth of U.S. energy, he added.

The Fed is ready to start lowering rates, Trump said. On Friday, the U.S. president said Fed Chair Jerome Powell told him “the country is doing well,” which Trump took to mean “he's going to start recommending lower rates.” Futures markets disagree.

Perfect week for the S&P 500. The broad-based index rose Friday to close at a high — its fifth record in a row last week. The Nasdaq Composite and Dow Jones Industrial Average also advanced. The Stoxx Europe 600 lost 0.29%.

Palantir joins rank of top 20 most valuable U.S. companies. After rising more than 2% on Friday to hit a market cap of $375 billion, Palantir bumped Home Depot out of the list. The software provider has more than doubled in value this year.

[PRO] Keep an eye on these overbought stocks. UsingCNBC Pro's stock screener tool, the team has identified 18 stocks that might be trading at levels higher than their fair value, based on their 14-day relative strength index.