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Comic: Will A Bad Earnings Season Spoil The Fed’s Rate Cut Party?

Investing.com

By Jesse Cohen

Investing.com - The U.S. second-quarter earnings season shifts into high gear on Tuesday, with banking giants JPMorgan Chase & Co (NYSE:JPM), Goldman Sachs (NYSE:GS), Wells Fargo (NYSE:WFC) and Charles Schwab (NYSE:SCHW) all set to report results before the opening bell.

Other big names slated to report this morning include, Johnson & Johnson (NYSE:JNJ) and Domino’s Pizza Inc (NYSE:DPZ). United Continental Holdings (NASDAQ:UAL) and CSX (NASDAQ:CSX) are then due to report after the bell.

Looking ahead to the rest of the week, Wednesday’s sees Bank of America (NYSE:BAC), Netflix (NASDAQ:NFLX), IBM (NYSE:IBM), and eBay (NASDAQ:EBAY) post their latest financial results.

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Microsoft (NASDAQ:MSFT), the world’s most valuable company, is on the docket for Thursday, along with Morgan Stanley (NYSE:MS), UnitedHealth (NYSE:UNH), and Honeywell (NYSE:HON).

Finally, American Express (NYSE:AXP) and Blackstone (NYSE:BX) round up the week when they report on Friday.

The outlook for this earnings season is bleak, however. Analysts expect S&P 500 earnings to have fallen by 3% in the second quarter, according to FactSet data. If confirmed, it would be the first earnings recession since 2016.

Read more: Q2 Earnings Showdown: 2 Sectors To Avoid, 1 To Buy: Jesse Cohen

Citigroup (NYSE:C) kicked off earnings on Monday by reporting second-quarter numbers that topped analyst expectations. But a decline in net interest margin underlined risks for financial firms in a lower interest rate environment.

U.S. stocks have rallied since early June, reaching a series of record highs after Federal Reserve Chair Jerome Powell set the stage for a rate cut later this month.

The only question is how large of a cut will the Fed deliver at its July 30-31 policy meeting. Markets have fully priced in a 25-basis point cut. There is also a 30% probability of a 50 bps cut.

To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

-- Reuters contributed to this report

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