[This Week’s Fundamental Events (Mar 17–21)]

For Q4 2024, S&P 500 earnings grew significantly by 18.2% year-over-year, far exceeding prior market expectations. Revenue rose by 5.3% year-over-year. The forward P/E ratio stands at 19.9. The market continues to revise down growth expectations for the current year. Projected earnings growth for Q1–Q4 of 2025 are 7.1%, 9.5%, 12.0%, and 11.5% respectively. For the full calendar year 2025, earnings are expected to grow by 11.5%, and by 14.2% in 2026.

This coming week, 11 S&P 500 constituent companies will report earnings, including Nike (NKE) and several China-based companies. The main market focus will be the FOMC interest rate decision. Key company earnings and economic data releases are scheduled as follows:

• Monday: February retail sales, March Empire State Manufacturing Index, and Homebuilder Confidence Index. Earnings: NIU.

• Tuesday: February housing starts, building permits, import prices, industrial production, and capacity utilization. Earnings: XPEV, TME, TIGR, HUYA.

• Wednesday: FOMC meeting outcome and Powell’s press conference. Earnings: GIS, GDS, YY.

• Thursday: Jobless claims, existing home sales, leading economic indicators, and the Philadelphia Fed Manufacturing Index. Earnings: ACN, PDD, NKE, MU, FDX, LEN, DRI, FDS, HTHT.

• Friday: OE Day.

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