Wall Street Focus on Second Quarter Results
Investors will undoubtedly be keen to analyze second quarter results as they arrive, but forecasts for the balance of the year are of even greater importance as a basis for investment decisions moving into the future. Although it appears that the dreaded double-dip in the economy has been avoided, opinion is somewhat divided among economists and financial analysts as to what growth can be expected for the rest of 2010.
In addition to the trickle of second quarter results, the upcoming week offers a mix of reports relating to employment, retail sales, inflation and consumer sentiment. Tuesday sees the Commerce Department reporting on the US trade balance in the morning, while the Treasury budget, which is not typically a market mover, will be released in the afternoon. Intel’s second quarter results are also due on Tuesday. Prior to commencement of trading on Wednesday, the Commerce Department will release June’s retail sales report, with reports on business inventories, import/export prices and weekly crude oil inventories following during the day. The minutes of the latest Federal Reserve policy meeting and Fed economy forecasts will be made available in the afternoon.
Thursday is a busy day, with second quarter results expected from JP Morgan Chase and Google, the Department of Labor releasing the weekly report on jobless claims, and the Producer Price Index being released by the Commerce Department. Friday sees second quarter results from General Electric, Bank of American and Citigroup, as well as the Consumer Price Index from the Commerce Department and the University of Michigan‘s revised reading on consumer sentiment for July.