The new 25Q4 earnings season starts this week.
Fourteen large banks and asset managers will report results.
The market expects S&P 500 earnings to grow 8.3%, and revenue to grow 7.7% this season.
The current forward P/E of the S&P 500 is 22.2.
This week also includes CPI and PPI inflation data, and public speeches by several senior Fed officials.
Key schedule:
Monday:
• Public speeches by three regional Fed presidents.
Tuesday:
• December CPI and Core CPI. Both are expected at 2.7% year over year.
• December fiscal deficit.
• Public speeches by two regional Fed presidents.
• Earnings: JPM, BK, DAL.
Wednesday:
• November PPI and Core PPI (released late).
• Retail sales and other data.
• Public speeches by four regional Fed presidents.
• Fed Beige Book.
• Earnings: BAC, WFC, C, UCB.
Thursday:
• Weekly jobless claims.
• January Empire State Manufacturing Index.
• Philadelphia Fed Manufacturing Report.
• Public speeches by two regional Fed presidents.
• Earnings: MS, GS, BLK.
Friday:
• December industrial production and capacity utilization.
• Public speeches by two regional Fed presidents.
• Earnings: PNC, STT, and others.
• Monthly options expiration.
• Markets will be closed next Monday for Martin Luther King Jr. Day.
Earnings outlook:
S&P 500 large-cap companies saw earnings growth of
13.3%, 12.0%, and 13.4% in 25Q1–Q3.
Revenue grew 4.9%, 6.5%, and 8.4%.
The market expects earnings growth in 26Q1–Q4 of
12.6%, 14.6%, 14.9%, and 18.3%.
Revenue is expected to grow 8.3%, 7.4%, 6.6%, and 7.4%.
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