Stocks rose this past week but remain far lower so far in 2022. Both the Dow Jones Industrial Average (^DJI 0.34%) and the S&P 500 (^GSPC 0.12%) gained roughly 1% in the shortened trading week but are down 18% and 13% this year, respectively.

Second-quarter earnings season is ramping up over the next week. PepsiCo (PEP -0.50%), Delta Airlines (DAL 0.36%), and JPMorgan Chase (JPM 1.15%) are among the most anticipated earnings reports to watch, so let's take a closer look at these upcoming announcements.

1. PepsiCo's cash returns

Investors are eager to hear what PepsiCo says about the health of consumer spending in a few days. The snack food and beverage giant announces its fiscal Q2 results on Tuesday, and expectations are high around that report.

The company said back in late April that demand was strong across its portfolio, with beverage volumes spiking 6% while snack food demand rose 3%. Pepsi lifted its 2022 outlook following that announcement and is now targeting sales growth of around 8% after accounting for currency exchange rate swings.

We'll learn on Tuesday whether slowing economic growth has dinted that outlook. Pepsi will also update investors on its earnings outlook, which may have dimmed because of accelerating inflation. Despite those risks, Wall Street has some good reasons to like this stock today, including its pricing power and its generous cash returns through dividends and stock buyback spending.

2. Delta's earnings outlook

Delta's latest financial results arrive on Wednesday morning, and there are some big questions heading into that update. Sure, the airline giant has been enjoying a sharp demand rebound following the pandemic slump, and the summer travel season seems to be off to a good start. But investors have a long list of worries about the sector, including inflation, soaring fuel prices, and weaker demand ahead.

Even good news in this week's report won't erase all those concerns. And Delta might detail some new short-term pressures tied to travel delays over the key holiday weekend in early July. Yet management should express optimism about the airline's growing efficiency at a time of improving volumes and rising ticket prices.

Executives said in April that adjusted margin was rising and could continue expanding under these favorable selling conditions.

3. JPMorgan's investment banking niche

Investors will be closely watching the Thursday operating update from JPMorgan Chase. The consumer and investment banking giant will probably report another quarter of solid activity in the consumer segment thanks to elevated demand for home, auto, and credit card loans. Savings balances might rise with increased wages, too.

But new pressures are likely to show in many areas of JPMorgan's business thanks to the combination of rising interest rates and a swooning stock market. Higher rates could crimp loan demand and push default rates up. The company's investment bank business could see falling revenue and profits because of declining interest in products such as initial public offering underwriting.

While these challenges aren't likely to have stopped JPMorgan from growing in Q2, the big question is whether management will issue a downbeat forecast for the second half of 2022 based on the latest data coming in on consumer loan and investment banking demand.