By Jesse Cohen
Investment.com – Dozens of companies from a variety of industries will report quarterly results next week as the first quarter earnings season on Wall Street begins to hit highs.
So far, with a week, companies are beating earnings estimates by a broader 84% margin, according to Refinitiv.
Meanwhile, US economic data will remain the focus as investors follow other signals about the strength of the economy, with the latest reports on home sales and manufacturing activity standing by. top of the agenda.
Elsewhere, in Europe, markets are watching the European Central Bank’s monetary policy meeting for further guidance on interest rates and stimulus.
Prior to next week, Investing.com compiled a list of these and other important events that are likely to impact the market.
1. Netflix (NASDAQ :), Intel (NASDAQ :), IBM (NYSE 🙂 Start earning from technology
There are about 80 companies to report earnings next week, including 10 Dow shares, for the first major week of first quarter earnings season.
Much of the focus will be on Netflix, given their latest financial results after the bell closed Tuesday.
According to estimates, the streaming giant will report adjusted earnings per share (EPS) of $ 2.97 on revenue of $ 7.14 billion.
Perhaps of greater concern, Wall Street will closely monitor the growth of subscribers, often playing a much larger role in the way its stock moves after earnings.
NFLX shares hit a record high on January 20, just after the fourth quarter results, but have since fallen back. The options market is priced at the post-earnings level of 7% in stocks.
Earnings from tech firms like Intel and IBM are also on the agenda, as are results from Snap (NYSE 🙂 and Lam Research (NASDAQ :).
2. Coca-Cola (NYSE :), Johnson & Johnson (NYSE :), Procter & Gamble (NYSE 🙂 Also reported
Also, this week’s earnings calendar includes well-known names like Coca-Cola, Johnson & Johnson, and Procter & Gamble.
Blue chips like AT&T (NYSE :), Verizon (NYSE :), Lockheed Martin (NYSE :), Harley Davidson, Halliburton (NYSE :), Honeywell (NYSE :), and American Express (NYSE 🙂 is also among the dozens of major companies announcing the results.
Income from the airlines that beat out American Airlines (NASDAQ :), United Airlines and Southwest Airlines (NYSE 🙂 also soared.
3. US Housing Data
The National Real Estate Brokers Association will publish data on existing home sales for March at 10:00 a.m. ET. The consensus forecast is one that will show current home sales up 0.9% to 6.18 million, after falling 6.6% in February.
On Friday, the Commerce Department will then release a report on new home sales. Data – due at 10:00 AM ET – is expected to grow 12.0% in March to 885,000, after plummeting 18.2% in the previous month.
4. US Flash PMI
IHS Markit Purchasing Managers’ Index (PMI) for April will arrive at 9:45 am ET on Friday, amid expectations up 59.9 from 59.7 in March
The index measures the total output of both the manufacturing and service sectors, which is considered a good indicator of overall economic health.
In addition, this week’s rather light economic calendar also includes the latest data on initial unemployment cases, which fell to new pre-pandemic lows last week.
5. European Central Bank policy meeting
The European Central Bank is sure to keep interest rates at their current record lows at the end of their monetary policy meeting at 11:45 am (7:45 am ET) on Thursday.
Chairman Christine Lagarde will hold a closely watched press conference 45 minutes after the rate announcement as investors seek more clues about the central bank’s future pace of bond purchases.
The ECB has promoted its bond buying program to prevent a rise in borrowing costs that derail the regional economy, however recent signs of a rapid recovery may raise questions about when it will start withdrawing support.
– Reuters contributed to this report