The US–Iran conflict has entered its fifth week. Markets will be closed on Friday for the Easter long weekend. The impact of the nonfarm payrolls data will be delayed to the following week. Investors will focus on speeches by several Federal Reserve officials.
Four S&P 500 companies will report earnings this week. Nike is worth special attention.
The S&P 500 forward P/E is now 19.9, close to its 5- and 10-year averages of 19.9 and 18.9. Analysts continue to raise their full-year earnings forecasts.
Key schedule for the week:
Monday:
Fed Chair Powell and Williams will speak.
Earnings: APC.
Tuesday:
March consumer confidence index, Chicago PMI, and February job additions.
Three Fed voting members will speak.
Earnings: NKE, FDS, PVH.
Wednesday:
Revised February retail sales, March ADP jobs report, manufacturing PMI, and ISM index.
Two Fed voting members will speak.
Earnings: NG, CALM.
Thursday:
Initial jobless claims and February US trade deficit.
Friday:
Market closed for Good Friday.
March nonfarm payrolls, unemployment rate, and final services PMI.
Full-year outlook:
Earnings are expected to grow 17.1% in 2026, with revenue up 8.6%.
Quarterly earnings growth: 13.0%, 18.7%, 20.8%, 19.0%.
Quarterly revenue growth: 9.7%, 9.2%, 8.4%, 8.3%.
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