Earnings reports and a dovish stance from the Federal Reserve lifted stocks last week. Major indices reacted positively, particularly to earnings from high-profile companies that hold significant weight in the indexes.
Tech Giants Lead Charge: Apple, Inc. AAPL and Amazon, Inc. AMZN were top performers. Apple impressed investors with a record $110 billion stock buyback plan and better-than-expected guidance for the June quarter.
According to FactSet, a financial data analytics firm, 80% of S&P 500 companies have reported earnings so far. These reports have shown a higher-than-average percentage of companies exceeding earnings expectations and by a larger margin than usual.
FactSet estimates that S&P 500 companies’ blended year-over-year earnings growth is currently at 5%, up from 3.5% the prior week. This is the highest growth rate since Q2 2022.
Eight out of eleven S&P 500 sectors are experiencing earnings growth. Communication services, utilities, consumer discretionary, and IT are leading the pack, while energy, healthcare, and materials are lagging behind.
See Also: Best Consumer Discretionary Stocks
Looking Ahead: This week will see earnings reports from 56 S&P 500 companies, including one from the Dow Jones Industrial Average. Investors will be watching earnings from restaurants, electric vehicle companies, media and entertainment companies, biotech companies, and tech companies. Walt Disney Company DIS is expected to be a key focus due to its consumer exposure, while Reddit, Inc. RDDT will be releasing its first-ever quarterly report as a public company.
Notable among the companies reporting earnings are:
Monday
- Before the bell: BioNTech SE BNTX, Spirit Airlines, Inc. SAVE, TreeHouse Foods, Inc. THS and Tyson Foods, Inc. TSN.
- After the close: ADTRAN Holdings, Inc. ADTN, Coty Inc. COTY, Fidelity National Information Services, Inc. FIS, FMC Corporation FMC, J&J Snack Foods Corp. JJSF, Lucid Group, Inc. LCID, Lumentum Holdings Inc. LITE, Palantir Technologies Inc. PLTR, Microchip Technology Incorporated MCHP, The Williams Companies, Inc. WMB, Vornado Realty Trust VNO
Tuesday
- Before the bell: BP p.l.c. BP, Crocs, Inc. CROX, Datadog, Inc. DDOG, Duke Energy Corporation DUK, Embraer S.A. ERJ, Expeditors International of Washington, Inc. EXPD, EVgo, Inc. EVGO, Rockwell Automation, Inc. ROK, UBS Group AG UBS, Disney and WK Kellogg Co KLG
- After the close: Arista Networks, Inc. ANET, Coupang, Inc. CPNG, Electronic Arts Inc. EA, GoPro, Inc. GPRO, iRobot Corporation IRBT, Luminar Technologies, Inc. LAZR, Match Group, Inc. MTCH, Occidental Petroleum Corporation OXY, Reddit, Rivian Automotive, Inc. RIVN, Twilio Inc. TWLO, Wynn Resorts, Limited WYNN, RingCentral, Inc. RNG, Lyft, Inc. LYFT
Wednesday
- Before the bell: Anheuser-Busch InBev SA/NV BUD, Choice Hotels International, Inc. CHH, The New York Times Company NYT, Taboola.com Ltd. TBLA, Sunoco LP SUN, Teva Pharmaceutical Industries Limited TEVA, Uber Technologies, Inc. UBER, EchoStar Corporation SATS
- After the close: Airbnb, Inc. ABNB, AppLovin Corporation APP, Beyond Meat, Inc. BYND, Bumble Inc. BMBL, Cheesecake Factory Incorporated CAKE, Exact Sciences Corporation EXAS, HubSpot, Inc. HUBS, News Corporation NWSA, Robinhood Markets, Inc. HOOD, Sunrun Inc. RUN, The Trade Desk, Inc. TTD, SolarEdge Technologies, Inc. SEDG
Thursday
- Before the bell: Canadian Solar Inc. CSIQ, Cars.com Inc. CARS, Constellation Energy Corporation CEG, Ferrari N.V. RACE, Hanesbrands Inc. HBI, Krispy Kreme, Inc. DNUT, Papa John’s International, Inc. PZZA, Roblox Corporation RBLX, Six Flags Entertainment Corporation SIX, Warner Bros. Discovery, Inc. WBD, US Foods Holding Corp. USFD
- After the close: Akamai Technologies, Inc. AKAM, Blink Charging Co. BLNK, Dropbox, Inc. DBX, Lions Gate Entertainment Corp. LGF, Marathon Digital Holdings, Inc. MARA, Navitas Semiconductor Corporation NVTS, Rackspace Technology, Inc. RXT, Synaptics Incorporated SYNA, Yelp Inc. YELP
The SPDR S&P 500 ETF Trust SPY, an exchange-traded fund that tracks the performance of the broader S&P 500 Index, ended Friday’s session up 1.24% at $511.29, according to Benzinga Pro data. The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust QQQ, an ETF levered more to high-profile, non-financial tech stocks, rose 2% to $435.43.
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