US equity investors will monitor headline risk this week while evaluating earnings and comments from top Federal Reserve officials.

* The S&P 500 and Nasdaq are on track to approach new record closing highs as inflation and growth scares have been "largely absorbed," an IG research note said Tuesday. "Attention has shifted to broader catalysts such as the potential for Ukraine-Russia peace talks and delayed US tariff action."

* While this change suggests that market volatility may be relegated to Q2 when US trade findings could still trigger reciprocal tariff actions, investors are capitalizing on near-term momentum to push for further gains, the IG note added.

* The S&P 500 has risen 4% this year, with the Magnificent 7 "barely moving," adding a mere 1%, with significant declines in Tesla (TSLA), Microsoft (MSFT), and Alphabet (GOOG, GOOGL), a note from deVere Group said. "The long-awaited rotation in equity markets finally appears to be underway."

* Fed speakers this week include Vice Chair for Supervision Michael Barr, Fed Board Member Christopher Waller, and Fed Board Vice Chair Philip Jefferson.

* Earnings due this week include Arista Networks (ANET), Analog Devices (ADI), Walmart (WMT), Alibaba (BABA), Booking Holdings (BKNG), and Occidental Petroleum (OXY).

* This week's data schedule includes the National Association of Home Builders sentiment reading, minutes of the Federal Open Market Committee's Jan. 28-29 meeting, weekly jobless claims, S&P Global's flash estimates of manufacturing and services conditions, and an updated reading of consumer sentiment from the University of Michigan.

* The FOMC minutes are likely to be "stale on arrival" given Fed Chair Jerome Powell's two rounds of Congressional testimony last week and several other Fed communications plus key data, a note from Scotiabank said. "The overall message is unlikely to materially deviate from one of patience and being in no rush to contemplate policy changes."