It will be a packed week of first-quarter earnings, with around 150 S&P 500 companies scheduled to report. They will include several of the largest companies on the market.
Nucor, SAP, and Verizon Communications will be Monday's earnings highlights, followed by a big Tuesday: Freeport-McMoRan, GE Aerospace, General Motors, Halliburton, Lockheed Martin, PepsiCo, Spotify Technology, Tesla, United Parcel Service, and Visa all release earnings.
Wednesday will bring results from AT&T, Boeing, Chipotle Mexican Grill, and Meta Platforms. Alphabet, Caterpillar, Comcast, GE Vernova, Intel, Microsoft, Newmont, Southwest Airlines, and T-Mobile US report on Thursday, then Chevron and Exxon Mobil close the week on Friday.
This week's economic data will include the Bureau of Economic Analysis' advance estimate of first-quarter gross domestic product on Thursday. The consensus among economists is that real GDP grew at an annual rate of 2.2% in the first three months of the year.
Investors and Federal Reserve watchers will also pay close attention to the BEA's personal consumption expenditures report for March on Friday. The core PCE price index is expected to be up 2.7% from a year earlier, versus a 2.8% rise through February.
Monday 4/22
Alexandria Real Estate Equities, Ameriprise Financial, Brown & Brown, Cadence Design Systems, Globe Life, Nucor, SAP, Truist Financial, and Verizon Communications report quarterly results.
Tuesday 4/23
Baker Hughes, Chubb, Danaher, Enphase Energy, EQT, Fiserv, Freeport-McMoRan, GE Aerospace, General Motors, Halliburton, Invesco, Kimberly-Clark, Lockheed Martin, MSCI, NextEra Energy, Novartis, PepsiCo, Philip Morris International, PulteGroup, RTX, Sherwin-Williams, Spotify Technology, Tesla, Texas Instruments, United Parcel Service, and Visa release earnings.
The Census Bureau reports new residential sales data for March. Economists forecast a seasonally adjusted annual rate of 670,000 new single-family homes sold, roughly even with the February figure.
S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for April. Consensus estimates are for a 52 reading for both indexes, slightly higher than the March readings of 51.9 and 51.7.
Wednesday 4/24
Amphenol, AT&T, Biogen, Boeing, Boston Scientific, Chipotle Mexican Grill, CME Group, Entergy, Ford Motor, Fortive, General Dynamics, Hasbro, Hilton Worldwide Holdings, Humana, IBM, Lam Research, Meta Platforms, Norfolk Southern, O'Reilly Automotive, Old Dominion Freight Line, Otis Worldwide, Raymond James Financial, ServiceNow, TE Connectivity, Thermo Fisher Scientific, Tyler Technologies, United Rentals, and Waste Management announce quarterly results.
The Census Bureau releases the durable goods report for March. New orders for durable manufactured goods are expected to increase 1.3% month over month to $281.5 billion.
Thursday 4/25
Alphabet, Altria Group, American Airlines Group, Arthur J. Gallagher, AstraZeneca, Bristol Myers Squibb, Capital One Financial, Carrier Global, Caterpillar, Comcast, Dexcom, Dow, Edwards Lifesciences, Fair Isaac, GE Vernova, Gilead Sciences, Honeywell International, Intel, International Paper, Keurig Dr Pepper, KLA, Merck, Microsoft, Nasdaq, Newmont, Northrop Grumman, Royal Caribbean Group, Sanofi, S&P Global, Southwest Airlines, T-Mobile US, Textron, Union Pacific, Valero Energy hold conference calls to discuss quarterly results.
The Bureau of Economic Analysis releases its advance estimate of first-quarter gross domestic product growth. Consensus estimate is for real GDP to have grown at a seasonally adjusted annual rate of 2.2%, after an increase of 3.4% in the fourth quarter and 2.5% for all of 2023.
The National Association of Realtors releases its Pending Home Sales index for March. The consensus call is for the PHS index, a leading indicator of housing activity, to increase 0.3% month over month, after a 1.6% gain in February.
Friday 4/26
AbbVie, Aon, Ball Corp., Centene, Charter Communications, Chevron, Colgate-Palmolive, Exxon Mobil, HCA Healthcare, LyondellBasell Industries, Phillips 66, Roper Technologies, T. Rowe Price Group, and TotalEnergies release earnings.
The BEA releases the personal consumption expenditures price index for March. Economists forecast a 2.6% year-over-year increase, one-tenth of a percentage point more than previously. The core PCE, which excludes volatile food and energy prices, is expected to rise 2.7%, compared with 2.8% in February. Stubbornly hotter-than-expected inflation readings this year have pushed bond yields to their highest levels in five months and finally dented the equity market, as the S&P 500 is down 5.5% in April, which would be its first losing month since October.
