Season of financial statements of the US companies for the first quarter is gaining momentum
Dear traders,
This week, there will be quarterly reports by quite a few companies covered by the Dow index, as well as dozens of companies covered by the S & P 500 index. This week will be the first week of a significant number of financial reports of the US companies for the first quarter.
Compared to the same period last year, the profit of US companies will grow by 18.5%, which will be the maximum value for seven years. The growth in profits of US companies is likely to accelerate due to tax cuts initiated by President Donald Trump.
On Monday, the reports will be presented by Bank of America (NYSE: BAC) and Netflix (NASDAQ: NFLX).
On Tuesday, the results of its financial activities for the first quarter will be presented by Goldman Sachs (NYSE: GS), IBM (NYSE: IBM), Johnson & Johnson (NYSE: JNJ) and UnitedHealth (NYSE: UNH).
On Wednesday, information on the earnings will be published by Morgan Stanley (NYSE: MS) and American Express (NYSE: AXP). On Thursday – Philip Morris (NYSE: PM) and Blackstone (NYSE: BX).
Procter & Gamble (NYSE: PG), General Electric (NYSE: GE) and Honeywell (NYSE: HON) will complete the work week, tghe reports will be published on Friday.
Financial reports of all three largest US banks, JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) exceeded the forecasts of experts. Nevertheless, shares of these financial companies have fallen in price, as good financial results for the quarter have already been taken into account by market players before.
In addition to these reports, the stock price of financial companies next week will depend on the report of the head of the Federal Reserve Bank Randal Kvarls on banking regulation issues before the committees of the House of Representatives and the US Senate on Tuesday and Thursday. Last week, the US central bank said that American banks should be allowed a greater financial leverage.
On Friday, the US stock market fell, as the lack of enthusiasm from large banks and fears of a growing conflict in Syria made investors nervous.
Despite the decline on Friday, the leading indices of stock exchanges rose significantly during the week. The Dow and S & P 500 indexes rose by 1.8% and 2%, respectively. The Nasdaq index grew by 2.8%. (Investing.com)
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