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Wall Street's major averages rebounded on Thursday after investors moved on from the selloff led by the Federal Reserve's new hawkish policy. The FOMC held the federal funds rate target unchanged at 3.50%-3.75% on Wednesday, as widely expected. In tech news, President Donald Trump announced Intel (INTC) will partner with Apple (AAPL) to design chips in the U.S. Shares of the semiconductor giant were +8.5%. Other chip names were also higher.

On the economic front, the coming week has a light schedule with no major data expected on Monday and Friday. On Tuesday, S&P Global PMI numbers for June will be released. New home sales data for May, crude oil inventories numbers are due on Wednesday. A series of data, including the PCE price index for May, quarterly GDP numbers, and jobless claims data, is scheduled for Thursday.

FedEx (FDX) and Micron (MU) are the only major companies reporting next week.

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Earnings spotlight: Tuesday: FedEx, Carnival Corp (CCL). See the full earnings calendar.

Earnings spotlight: Wednesday: Micron. See the full earnings calendar.

Volatility watch: Micron and Cboe Global Markets (CBOE) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Outlook Therapeutics (OTLK), CoreCivic (CXW), and Jerash Holdings (JRSH). The most oversold stocks per their 14-day Relative Strength Index include Avalanche Treasury (AVAT) and Context Therapeutics (CNTX). Short interest is elevated once again on Lucid Group (LCID) and Sphere