The S&P 500 has traded sideways since August and remains close to its record high, closing last week at 7,722 points, about 1.2% below its peak of 7,817. This week, investors are likely to focus on corporate earnings, Federal Reserve minutes and renewed pressure in the bond market. PepsiCo, valued at more than $171 billion, reports on Thursday, followed by Delta Air Lines on Friday, ahead of the broader third-quarter earnings season that officially begins next week with results from JPMorgan, Goldman Sachs and Morgan Stanley. Analysts expect average earnings growth of more than 29%, led by technology and energy companies. FactSet data puts the S&P 500's forward price-to-earnings ratio at 19, below its five-year and 10-year averages. The Federal Reserve will publish minutes on Wednesday from its latest meeting, when it raised the benchmark interest rate to between 3.75% and 4% and officials indicated support for another increase. However, softer-than-expected headline and core PCE (a key inflation measure) data and a report showing just 29,000 jobs were added last month, alongside unemployment rising to 4.2%, have reduced pressure on the central bank to raise rates. Bond yields, which have climbed to their highest levels in decades amid public-debt concerns, could also influence stocks. Yields eased slightly last week after pressure from the US for other G7 countries to release 100 million barrels of oil from strategic reserves, as well as after weaker US inflation and employment data. Further bond-market stress remains possible, particularly if an escalation in the war between the US and Iran pushes energy prices higher.