Corporate earnings move to the forefront for investors this week, with companies representing approximately 40% of the S&P 500 Index market capitalization set to report numbers.1 With cracks in the armor appearing for the market-leading Magnificent Seven stocks, earnings from Meta, Alphabet, Microsoft and Tesla take on added significance.2 A number of companies representing previous generations of large-cap market leaders — including AT&T, General Electric, IBM and Exxon — are also set to report earnings this week.3
The highlights on this week’s economic calendar include the initial reading of first quarter gross domestic product (GDP) on Thursday and the release of March Personal Consumption Expenditures (PCE) on Friday.4 Federal Reserve policymakers need some softening in the growth and inflation data to deliver the interest rate cuts so widely anticipated at the start of the year.
Sources:
1,2BNN Bloomberg – Magnificent Seven Earnings Arrive With Stocks at Critical Moment; 4/20/24
3Kiplinger – Kiplinger's Earnings Calendar for This Week (April 22-26); as of 4/22/24
4MarketWatch – U.S. Economic Calendar; as of 4/22/24
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