Key Fundamental Events This Week (Mar 23–27)

The US–Iran conflict is now in its fourth week. There are not many macro data releases this week. The market will focus on speeches from several Federal Reserve members.

Three S&P 500 companies will report earnings. PDD is worth special attention.

The S&P 500 forward P/E is now 20.3, above the 5-year and 10-year averages of 20 and 18.9.

Schedule for the week:

• Monday: January construction spending (delayed release)

• Tuesday: March services and manufacturing PMI. Earnings: GME, KBH

• Wednesday: Import price index. Earnings: PDD, PAYX, CHWY

• Thursday: Initial jobless claims

• Friday: March consumer sentiment. Earnings: CCL

Outlook:

Full-year 2026 earnings are expected to grow 15.3%, with revenue up 8%.

Quarterly earnings growth for 2026 (Q1–Q4): 11.6%, 16%, 16.9%, 15.9%

Quarterly revenue growth: 9.4%, 8.7%, 7.9%, 7.7%