Stocks dipped last week, with both the Dow Jones Industrial Average (^DJI -1.24%) and the S&P 500 (^GSPC -1.46%) giving up some ground in a week shortened by the July 4 holiday. Both indexes remain up by more than 8% for the year.

^DJI Chart

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As for the coming week, Pepsi (PEP -0.15%) shares could see volatility around the beverage giant's quarterly report early in the week. And on Friday, the nation's biggest banks, including Wells Fargo (WFC -0.39%) and Citigroup (C -1.70%) post their earnings numbers.

Here's what investors will be looking for in these reports.

Pepsi's organic growth

Pepsi is set to post its fiscal second-quarter results before the market opens on Tuesday. The soda and snack titan's stock is keeping up with the broader market so far in 2017 thanks to steady sales and profit growth. Organic revenue rose 2%, and earnings jumped 7% in the fiscal first quarter thanks to increases in both volume and pricing. Pepsi overcame sluggish soda trends in the U.S. with big contributions from emerging markets including Mexico and Russia. 

With first-quarter results meeting management's expectations, CEO Indra Nooyi and her executive team expressed confidence that the company can hit their full-year targets that call for organic growth of at least 3% and 8% higher earnings. "We are on track to achieve our financial objectives for 2017," Nooyi said in a late-April press release. Beyond that short-term goal, Pepsi will need to get -- and stay -- ahead of changing consumer tastes as shoppers demand more natural ingredients and a healthier focus in their beverages and snacks.

Citigroup's loan balances

Investors have high hopes for Citigroup's earnings report set to publish on Friday morning. The stock is up over 50% in the past year, with the most recent spike coming after the banking giant hiked its quarterly dividend and announced an aggressive plan for stock buybacks aimed at capitalizing on its relatively low valuation. Citigroup said in late June that it aims to return $18.9 billion to shareholders over the next four quarters, with a solid majority of that total going toward repurchases. "For some time," CEO Michael Corbat said in late June, "we have retained ... capital in excess of what is needed to prudently operate and invest in the firm." With the Federal Reserve's blessing, Citigroup is ending that practice in a move that should boost long-term shareholder returns.

A bank teller working with a customer.

Image source: Getty Images.

Wall Street is looking for flat results on both the top and bottom lines this week. Specifically, consensus estimates are targeting no change in revenue and just a slight dip in earnings as profit ticks down to $1.22 per share from $1.24 per share a year ago. Investors will want to see continued solid momentum in loan balances on the consumer side of the business while the international segment gets more profitable thanks to falling expenses and robust deposit gains.

Wells Fargo's book value

Wells Fargo shares have mostly sat out the banking rally this year as the company continues to deal with the branding fallout of a fake customer account scandal. Revenue ticked lower last quarter to miss consensus estimates even as profits edged higher to $1 per share from $0.99 per share a year ago. 

On Friday morning, Wells Fargo is expected to post slightly better headline results, with both revenue and profit edging higher. Investors will likely be just as interested in progress at CEO Tim Sloan's initiative to rebuild trust with customers, though. Three month ago, management said they were encouraged by the early results in actions they've taken to improve their retail banking practices. "I am pleased with all we have accomplished thus far," Sloan said at the time.

Progress on this score will ultimately show up in improving efficiency metrics like return on assets and return on equity. Investors will also be keeping an eye on Wells Fargo's book value per share, which has lagged peers lately.