Only one S&P 500 constituent company is scheduled to report earnings in the upcoming week. Due to the Independence Day holiday, U.S. equity markets will only trade for 3.5 days. Canadian and Hong Kong markets will also be closed on Tuesday. Meanwhile, Congress needs to expedite the process of passing the “Big and Beautiful” tax bill. Markets will mainly focus on employment-related data and the progress of trade negotiations between the U.S., the EU, and others. Key corporate earnings and economic data releases are as follows:
• Monday: June Chicago Business Barometer (PMI).
• Tuesday: Canada Day (Canadian markets closed); Hong Kong SAR Establishment Day (HK markets closed). June Manufacturing PMI and ISM Index, auto sales, May job openings and construction spending. Earnings: STZ.
• Wednesday: June ADP Employment Change.
• Thursday: June Nonfarm Payrolls, Unemployment Rate, Services PMI and ISM Index, May Trade Balance and Factory Orders, Initial Jobless Claims. U.S. markets will close early at 1:00 PM.
• Friday: U.S. markets closed for Independence Day.
S&P 500 Large Cap Q1 2025 Earnings:
Year-over-year earnings growth came in at +13.3%, with revenue growth at +4.9%. The forward P/E ratio stands at 21.9. Market expectations for Q2–Q4 2025 earnings growth are +5.0%, +7.3%, and +6.4%, respectively, with revenue growth projected at +4.2%, +4.7%, and +5.2%. Notably, Q2 earnings growth is expected to be the lowest since Q4 2023.
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