Second quarter 2017 earnings season is around the corner and several corporations will begin reporting their earnings results this week before earnings season heats up in July.
Schnitzer Steel reports on Monday.
Darden Restaurants reports their earnings on Tuesday.
General Mills and Shaw Communications will report on Wednesday followed by Nike, Rite Aid, and Walgreens on Thursday.
According to FactSet, for Q2 2017 the estimated earnings growth for the S&P 500 is 6.6 percent, revised down from 8.7 percent on March 31st.
Ten sectors have lower growth rates today compared to March 31st from downward revisions to earnings estimates, led by the energy sector which has been under pressure the past month with crude oil prices tumbling.
The energy sector has seen the largest decrease in price (-8.3) percent of all eleven sectors during this same period.
Economic Data This Week
On Monday U.S. Durable Order for May will be reported.
Economists from briefing.com have a consensus estimate that durable orders declined by -0.6 percent in May after declining by -0.7 percent in April.
On Tuesday Consumer Confidence for June is due.
Pending home sales for May is reported on Wednesday along with the MBA Mortgage Index, and Crude Inventories.
Q1 2017 GDP (3rd estimate) is released on Thursday from the U.S. Department of Commerce after the 2nd estimate showed the U.S. economy grew by 1.2 percent in Q1 2017.
Economists from briefing.com have a consensus estimate of 1.2 percent for the 3rd estimate of Q1 GDP on Thursday.
Continuing and Initial claims also report on Thursday along with Natural Gas Inventories.
On Friday PCE and core PCE, the Federal Reserve’s preferred inflation gauge, is due for May.
In April both PCE and core PCE increased by 0.2 percent.
The core PCE Price index, which strips out food and energy prices, increased by 1.5 percent and still remains below the Fed’s 2 percent inflation target.
Michigan Sentiment for May, and Chicago PMI are also due for June on Friday.
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