Next week’s economic calendar is heavy on company earnings and light on data.
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Investors will continue to look at corporate earnings to discern whether companies’ revenues and profits justify the high valuations that have pushed U.S. stock markets to all-time highs.
As usual, a lot of attention will be focused on Apple’s release on Tuesday. Apple (AAPL) is currently the biggest company in the world by market valuation and its continued health hinges on a healthy consumer appetite for its expensive gadgets.
Among the other bellwether companies set to release next week are: Morgan Stanley (MS), Halliburton (HAL) and IBM (IBM) on Monday; Bank of New York Mellon (BNY), Chipotle Mexican Grill (CMG), Microsoft (MSFT), Verizon Communications (VZ), and Yahoo! (YHOO) on Tuesday; Coca-Cola (KO) and Texas Instruments (TXN) on Wednesday; and Amazon.com (AMZN) on Thursday.
Existing home sales are out Wednesday and IHS Global Insight analysts believe “existing home sales should advance to a six-year high in June. Contract signings are rising at a more measured pace, suggesting that sales will follow suit.”
New home sales are out Friday. “New home sales likely advanced less than 1% in June, moving nearly sideways to a 550,000-unit annualized rate. Single-family building permits added 0.9% in June, pointing to continued improvement in sales,” the IHS analysts said.