Q2 earnings season officially starts this week. 42 S&P 500 companies, including 6 from the Dow Jones, will report results. The market expects S&P 500 earnings to grow 4.8% year-over-year, with revenue up 4.2%—the slowest pace since Q4 2023. The forward P/E ratio stands at 22.3. Only the Communication Services and Information Technology sectors are expected to post earnings growth above the S&P 500 average. Earnings in Energy, Consumer Durables, Materials, Consumer Staples, and Industrials are likely to decline year-over-year. Inflation data and speeches from several Fed officials are expected to draw market attention this week.
• Monday: No major economic data. Earnings: FAST
• Tuesday: June CPI and Core CPI, July Empire Manufacturing Index. Earnings: JPM, WFC, C, BLK, BK
• Wednesday: June PPI and Core PPI, Industrial Production, Fed Beige Book. Earnings: JNJ, BAC, ASML, MS, GS, PNC, UAL, AA
• Thursday: Weekly jobless claims, retail and import/export prices, business inventories, housing market index. Earnings: NFLX, GE, ABT, PEP, ELV, TRV
• Friday: Options expiration day. June housing starts and building permits, preliminary consumer sentiment. Earnings: AXP, MMM, SLB
In Q1, S&P 500 earnings grew by 13.3% YoY, and revenue by 4.9%. For Q3 and Q4, the market expects earnings to grow by 7.3% and 6.4%, and revenue by 4.7% and 5.2%, respectively. For the full year, earnings are forecast to rise by 9.1%, with revenue up 5.0%.
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