Nearly a third of the index's constituents have hit a one-month low in the past month.
The options market is betting the S&P 500 Index will move 1.3% to 1.4% in either direction.
The profits of large tech companies are expected to slow dramatically.
The Fed may hint at how much it may cut interest rates this year.
The semiconductor industry is notoriously cyclical, with regular boom and bust cycles.
The firm's analysts see the S&P 500 rising to 5,200 by the end of the year.
Stocks defied fears of a recession to soar in 2023 and have continued to climb.
US corporations have been reluctant to repurchase their shares as the Federal Reserve pushed interest rates higher.
Investors might see their risk appetite grow after a couple of key moments this week.
The S&P 500 Index posted an average daily move of 0.3% in either direction last week, its tamest swings in half a year.