As over 90% of companies have reported their Q2 earnings, the S&P 500® EPS growth has reached an impressive 10.8%. This week, the retail earnings parade kicks off with major players like Walmart, Home Depot, Tapestry, and Dillard’s set to announce their results.
Last week was a rollercoaster ride for the market, starting with a significant sell-off followed by a 4-day rally that brought indexes back to their best trading day in two years. Initial jobless claims, which contributed to the Monday sell-off, showed improvement on Thursday, signaling a positive trend in the market.
Some notable earnings reports from consumer-facing companies like Macy’s, Nordstrom, and Kohl’s have exceeded expectations, indicating a resilient consumer sector. However, a recent report by TransUnion revealed that the average credit card balance in the US has increased by nearly 5% from last year, raising concerns about consumer debt levels.
CEO Uncertainty on the Rise as Q2 Earnings Season Nears Conclusion
Despite a strong earnings season, CEO uncertainty remains high, as indicated by the Late Earnings Report Index (LERI). The latest data shows that companies are feeling less certain about economic conditions, with the LERI reading standing at 186, well above the baseline of 100.
Retail Giants Take Center Stage
This week, the focus shifts to retail giants like Home Depot, Walmart, Tapestry, and Dillard’s as they prepare to announce their Q2 results. With consumer spending showing signs of cooling and a softening labor market, these earnings reports will provide valuable insights into the state of the retail sector.
Outlier Earnings Dates for Q2 Season
For the remainder of the Q2 earnings season, companies like Agilent Technologies, Bath & Body Works, and Autodesk have confirmed outlier earnings dates, indicating potential market-moving news. These companies are set to announce their results later than usual, suggesting a level of uncertainty in their performance.
As the Q2 earnings season progresses, it is essential for investors to stay informed about the latest developments and earnings reports to make informed decisions about their portfolios.
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