As of Friday, 97% of S&P 500 companies reported earnings. Profit up +28.6% YoY — fastest since Q4 2021. Revenue up +11.8%. Earnings season is mostly over. Only 11 S&P 500 names report this week. Chip giant AVGO's report deserves special attention.
This week: many Fed members speak. Jobs data is the market's focus.
Current S&P 500 forward P/E is 21.2. Above 5-year avg 19.9 and 10-year avg 18.9.
Weekly Calendar
Monday
· Manufacturing PMI, ISM, auto sales, construction spending
· Earnings: HPE, CRDO
Tuesday
· April job openings
· Earnings: PANW, DG, ULTA, SIG, MOMO
Wednesday
· ADP jobs report, services PMI & ISM, factory orders, Fed Beige Book
· Earnings: AVGO, CRWD, MDT, VEEV, M, PVH, AI, CHPT
Thursday
· Initial jobless claims, Q1 productivity
· Earnings: CIEN, PL, LULU, DOCU
Friday
· May nonfarm payrolls & unemployment rate
· Earnings: TOUR
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2026 Full-Year Outlook
· Profit growth: +22.6%
· Revenue growth: +10.7%
2026 Q2–Q4 breakdown
· Profit growth: Q2 +21.6%, Q3 +24.8%, Q4 +22.3%
· Revenue growth: Q2 +12.0%, Q3 +10.6%, Q4 +10.1%
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