Equities rose last week, shrugging off the President Donald Trump's declaration that the cease-fire with Iran is "over." The S&P 500 index gained 1.2% while the Nasdaq Composite jumped 1.7%. Wall Street probably looked through the end of the cease-fire as the U.S. also said that it was continuing talks with Iran.
Big banks will kick off earnings season this week. More than half of the 30 S&P 500 companies reporting are from the financial sector.
Bank of America, Citigroup, Goldman Sachs Group, JPMorgan Chase, and Wells Fargo all report quarterly results on Tuesday, followed by BlackRock and Morgan Stanley on Wednesday.
A handful of heavyweights from other sectors will also report, including ASML Holding and Johnson & Johnson on Wednesday, and GE Aerospace, Netflix, UnitedHealth Group, and Taiwan Semiconductor Manufacturing on Thursday.
The highlight of this week's economic calendar is the consumer price index, to be released by the Bureau of Labor Statistics on Tuesday. The BLS will also release the producer price index on Wednesday, and the Census Bureau will report retail sales on Thursday.
Monday 7/13
The Treasury Department releases the June budget statement for the country. Through the first eight months of fiscal 2026, which began Oct. 1, the U.S. budget deficit totaled $1.25 trillion compared with $1.36 trillion over the same period for fiscal 2025.
Tuesday 7/14
Bank of America, Citigroup, Fastenal, Goldman Sachs Group, JPMorgan Chase, and Wells Fargo report quarterly results.
The National Federation of Independent Business releases its Small Business Optimism Index for June. Consensus estimate is for a 95.6 reading, roughly even with the May figure, and slightly less than the longer-term average of 98.
The Bureau of Labor Statistics releases the consumer price index for June. Economists forecast a 3.8% year-over-year increase, four-tenths of a percentage point less than in May. The core CPI, which strips out volatile food and energy prices, is expected to rise 2.8%, compared to 2.9% a month earlier.
Wednesday 7/15
ASML Holding, Bank of New York Mellon, BlackRock, Cintas, Elevance Health, J.B. Hunt Transport Services, Johnson & Johnson, Morgan Stanley, M&T Bank, PNC Financial Services Group, Progressive, and United Airlines Holding release earnings.
The BLS releases the producer price index for June. Consensus estimate is for a 6.2% jump from a year earlier. The core PPI is expected to rise 5.2% year over year. This compares with increases of 6.5% and 4.9%, respectively, in May.
The Federal Reserve releases the beige book for the fifth of eight times this year. The report gathers anecdotal information on current economic conditions from the 12 regional Federal Reserve banks.
Thursday 7/16
Abbott Laboratories, Alcoa, Citizens Financial Group, GE Aerospace, Netflix, Prologis, State Street, Taiwan Semiconductor Manufacturing, UnitedHealth Group, and U.S. Bancorp announce quarterly results.
The Census Bureau reports retail sales data for June. Economists forecast a 0.3% month-over-month increase, after a 0.9% jump in May. Excluding autos, sales are seen declining 0.1%, compared with a 0.8% jump previously.
The National Association of Realtors releases its Pending Home Sales Index for June. The consensus call is for the PHS Index, a leading indicator of housing activity, to drop 0.3% month over month.
Friday 7/17
Fifth Third Bancorp, Regions Financial, Travelers, and Truist Financial report earnings.
The Census Bureau reports residential construction statistics for June. Expectations are for a seasonally adjusted annual rate of 1.32 million privately-owned housing starts, 12% more than May's 1.18 million.
The University of Michigan releases its Consumer Sentiment index for July. Consensus estimate is for a 51.5 reading, roughly two points more than in June. The index has rebounded from a record low in May but remains well below historical averages.
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