Corporate earnings season kicks into gear this week as many companies report second-quarter financial results. Analysts are forecasting an average 12 percent increase in earnings per share for the companies in the S&P 500 over the same period last year. If the forecast is right, this would mark the 17th consecutive quarter of double-digit corporate earnings growth for the big-company index.
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Monday, July 10
WHOLESALE TRADE: The Commerce Department reports on wholesale inventories and sales for May. Economists will be watching the numbers for signs of a slowdown or continued growth.
CONSUMER CREDIT: The Federal Reserve details the level of U.S. consumer credit in May. April showed a sharp jump in outstanding credit, partly because of late Easter shopping, but economists expect that May will show slower growth.
EARNINGS TO WATCH: Alcoa
Tuesday, July 11
EARNINGS TO WATCH: Genentech, LG Philips LCD, Pepsi Bottling Group, and Ruby Tuesday
Wednesday, July 12
TRADE DEFICIT: The U.S. international trade deficit for May is expected to top April's $63.4 billion, as the Commerce Department releases the latest figures. The U.S. deficit with China alone was $17 billion in April.
EARNINGS TO WATCH: Chaparral Steel, Commerce Bancshares, Flowserve, Gannett, M&T Bank, Posco, Sealy, and Wolverine World Wide
Thursday, July 13
TREASURY DEFICIT: The Treasury Department reports on June receipts and outlays. While revenues have increased markedly this year over fiscal 2005, spending has also risen, and the fiscal 2006 deficit is expected to be in the neighborhood of last year's $318 billion.
EARNINGS TO WATCH: Adams Express, Marriott International, McClatchy, Media General, PepsiCo, Polaris Industries, Texas Industries, and Tribune
Friday, July 14
RETAIL SALES: The Commerce Department releases retail sales figures for June. In May, high gasoline prices fueled a nearly 21 percent annual jump in sales at gas stations, while receipts at other retail outlets grew more modestly as drivers emptied their wallets by filling their tanks.
CONSUMER PULSE: The University of Michigan's Consumer Sentiment Survey conducts monthly probes of Americans' expectations for the economy. Today's report is for July.
EARNINGS TO WATCH: General Electric and Washington Federal
