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Q2 Earnings Season Begins

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Last Week’s Market Activity

Last week was rather slow due to the holiday; however, we largely saw green in the markets, as the Dow was up 0.34%, the S&P was up 1.18%, and the Nasdaq was up a whopping 2.27%. The Russell simply could not get a break last week, leading it down 1.04% on a week-over-week basis. This volatility is bound to continue as we kick off the Q2 earnings season this week, with some of the largest companies in the world reporting their results.

Macroeconomic Indicators

Last week was relatively slow in terms of economic data releases, given the 4th of July holiday. However, job openings came in quite a bit higher than expected, with 8.1 million job openings, compared to an expected 7.9 million openings. Interestingly enough, the unemployment rate also ticked up a bit, coming in at 4.1%, compared to an expected 4.0%.

Upcoming Market Catalysts

This week, things begin to heat up as we start with consumer credit on Monday afternoon. We then get CPI data on Thursday, followed by PPI data and consumer sentiment on Friday. Between this data and the earnings releases this week, we’ll certainly gain quite a bit of information on the consumer. That means markets are bound to move meaningfully, one way or another.  

Notable Earnings Releases

This week, Q2 earnings begin, as some of the largest financial institutions in the world report their earnings, such as:

07/10 – WD-40 Company (WDFC), Price Smart (PSMT)

07/11 – Pepsico (PEP), The Progressive Corporation (PGR), Delta Air Lines (DAL), ConAgra Brands (CAG)

07/12 – J P Morgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), The Bank of New York Mellon (BK), Fastenal (FAST), Ericsson (ERIC)

All eyes will be on the banks this week, as they set the tone for the first couple weeks of earnings. JPM, WFC, and C are the largest financial institutions in the US, so it will be important to hear what their CEOs have to say about the consumer, as well as the broader economy!

⚡ Watchlist ⚡

Monitoring the market conditions this week.

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