Week Ahead on Wall Street: Earnings Showdown
Macro Check
This earnings season carries particular significance given the dramatic and ongoing upheaval around trade policy. As it heats up this week, several influential banking and technology companies will deliver valuable insights into both corporate health and broader economic trends.
Tariffs will probably raise most businesses’ input costs – but by how much remains uncertain. While analysts currently expect S&P 500 earnings per share to grow 6.2% year-over-year (a seventh consecutive quarter of growth), estimates have been revised down 0.5% over the last month.
In addition to the numbers themselves, what management teams say on shifts in pricing strategies and consumer behavior will be of great interest to investors in light of… everything.
Alongside the earnings results, we’ll also get updates on a broad mix of economic indicators including retail sales, industrial production, and housing starts. Any major surprises illuminated by these datapoints could provide important context for earnings results and help flesh out the possible impact of tariffs.
Economic and Earnings Calendar
Monday
• March New York Fed Survey of Consumer Expectations: This is a measure of peoples’ expectations for inflation, jobs prospects, earnings growth, and more.
• Fedspeak: Philadelphia Fed President Patrick Harker speaks on the role of the Federal Reserve. Atlanta Fed President Raphael Bostic will participate in a moderated discussion on monetary policy.
• Earnings: Goldman Sachs Group (GS), M&T Bank (MTB)
Tuesday
• April Empire State Manufacturing Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• March Import/Export Price Indexes: These indexes track the changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world.
• Earnings: Bank of America (BAC), Citigroup (C), JB Hunt Transport Services (JBHT), Johnson & Johnson (JNJ), Omnicom Group (OMC), PNC Financial Services Group (PNC), United Airlines (UAL)
Wednesday
• March Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand.
• April New York Services Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• March Industrial Production and Capacity Utilization: The industrial sector accounts for much of the cyclical swings in economic activity.
April NAHB Housing Market Index: This index tracks how homebuilders feel about the current and future state of the single-family housing market.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Fedspeak: Cleveland Fed President Beth Hammack will participate in a moderated Q&A event called Fed 101. Fed Chair Jerome Powell will speak at an Economic Club of Chicago event. Kansas City Fed President Jeff Schmid will speak with Dallas Fed President Lorie Logan at an event on the economy and community banking.
• Earnings: Abbott Laboratories (ABT), Citizens Financial Group (CFG), CSX (CSX), Kinder Morgan (KMI), Progressive (PGR), Prologis (PLD), Travelers Companies (TRV), US Bancorp (USB)
Thursday
• March Building Permits and Housing Starts: Construction data is a leading indicator of economic activity.
• April Philadelphia Fed Manufacturing Activity: The Philadelphia Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Jobless claims have continued to show a labor market that remains strong despite having cooled.
• Earnings: American Express (AXP), Blackstone Group LP (BX), DR Horton (DHI), Fifth Third Bancorp (FITB), Huntington Bancshares (HBAN), KeyCorp (KEY), Las Vegas Sands (LVS), Marsh & McLennan Companies (MMC), Netflix (NFLX), Regions Financial (RF), Charles Schwab (SCHW), Snap-on (SNA), State Street (STT), Truist Financial (TFC), UnitedHealth Group (UNH)
Friday
• Markets are closed for Good Friday.
• Fedspeak: San Francisco Fed President will participate in a moderated conversation at the Fisher Center for Real Estate & Urban Economics at UC Berkeley.
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