As investors cheer last week's stock market gains, reflecting positive preliminary data from a Gilead Sciences (GILD) study using the antiviral treatment remdesivir on Covid-19 patients and guidelines for individual governors to reopen states for business, we continue to face continued hurdles for the economy, consumers and companies. And those hurdles will be evident in this week's economic data and corporate earnings reports.
While the week is rather light on economic data, it will be a busy one on the earnings front. More than 450 quarterly reports will be coming, including 105 S&P 500 constituents. But that doesn't mean the economic data will be overlooked. Far from it, as we assess the current quarter's economic speed. That likely means the Flash Composite PMI data for Japan, the eurozone and the U.S., to be published Thursday, will be the highlight of the forthcoming economic data.
Key Economic Reports This Week
Here's a closer look at the economic data scheduled for this week:
Tuesday, April 21: March Existing Home Sales.
Wednesday, April 22: Weekly MBA Mortgage Applications Index; EIA Oil Inventories; April FHFA Housing Price Index.
Thursday, April 23: IHS Markit April Flash Composite PMI data for Japan, Eurozone and the U.S.; Weekly Jobless Claims; EIA Natural Gas Inventories; March New Home Sales.
Friday, April 24: March Durable Goods Orders; April University of Michigan Consumer Sentiment - Final.
Earnings Season Heats Up
As mentioned, there is a significant jump in the number of companies reporting quarterly results this week. Among them will be Trifecta Stocks holdings Visa (V) , Amazon (AMZN) and Chipotle Mexican Grill (CMG) .
Here's a more detailed look at the reports that we'll be focusing on this week:
Monday, April 20: Philips (PHG) , Truist Financial (TFC) , Equifax (EFX) , IBM (IBM) .
Tuesday, April 21: Coca-Cola (KO) , Emerson (EMR) , JetBlue Airways (JBLU) , Paccar (PCAR) , Philip Morris International (PM) , SAP SE (SAP) , Chipotle Mexican Grill (CMG) , Netflix (NFLX) , Snap (SNAP) .
Wednesday, April 22: AT&T (T) , Delta Air Lines (DAL) , Ericsson (ERIC) , Kimberly-Clark (KMB) , Alcoa (AA) , Boston Beer (SAM) , CSX (CSX) , Lam Research (LRCX) , Las Vegas Sands (LVS) , Visa (V) .
Thursday, April 23: Citrix Systems (CTXS) , Domino's Pizza (DPZ) , Hershey (HSY) , Grainger (GWW) , Union Pacific (UNP) , LogMeIn (LOGM) , Intel (INTC) , United Airlines (UAL) .
Friday, April 24: American Airlines (AAL) , American Express (AXP) , AutoNation (AN) , Verizon (VZ) .
Upcoming Dates to Note
-- April 28-29: Federal Reserve FOMC meeting.
-- April 30: European Central Bank rate decision.
This commentary is an excerpt from the Trifecta Stocks Roundup a weekly feature sent to subscribers of Trifecta Stocks. Click here to learn more about this portfolio, trading ideas and market commentary product.
-- Bob Lang and Chris Versace are co-portfolio managers of Trifecta Stocks.