The Bottom Line
The “summer rally” for the S&P 500 Index from June 27th until at least July 17th continues.
Here comes a flood of second quarter earnings reports by major U.S. companies! Focuses this week are on reports released by money-center U.S. banks.
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts issued minor changes to their 2026 earnings and revenue estimates last week
- Consensus for second quarter 2026 earnings gains increased to 23.6% from 23.3% last week. Consensus for revenue gains increased to 12.3% from 12.2%.
- Consensus for third quarter 2026 earnings gains slipped to 26.6% from 26.8%.last week. Consensus for revenue gains slipped to 10.6% from 10.8%.
- Consensus for fourth quarter 2026 earnings gains slipped to 24.2% from 24.4% last week. Consensus for revenue gains increased to 10.7% from 10.4%.
- For all of 2026, consensus for earnings gains increased to 24.2% from 24.1% last week. Consensus for revenue gains slipped to 10.7% from 10.8%.
- For all of 2027, consensus for earnings gains is 17.4% and consensus for revenue gains is 8.2%.
Economic News This Week
Source: www.marketwatch.com
June U.S. Consumer Price Index released at 8:30 AM EDT on Tuesday is expected to drop 0.2% versus a 0.5% increase in May. On a year-over-year basis, June CPI is expected to increase 3.8% versus a 4.2% increase in May. Excluding food and energy, June CPI is expected to drop 0.2% versus a 0.2% increase in May. On a year-over-year basis, core CPI is expected to increase 2.8% versus 2.9% in May.
Federal Reserve Chairman Kevin Warsh testifies to the U.S. House Financial Services Committee
July Empire State Manufacturing Survey released at 8:30 AM EDT on Wednesday is expected to improve to 9.4 from 5.7 in June.
June U.S. Producer Price Index released at 8:30 AM EDT on Wednesday is expected to drop 0.2% versus a 1.1% increase in May. Excluding food and energy, June PPI is expected to increase 0.3% versus a 0.8% increase in May.
Federal Reserve Beige Book is released at 2:00 PM EDT on Wednesday
June U.S. Retail Sales released at 8:30 AM EDT on Thursday are expected to increase 0.2% versus a 0.9% increase in May. Ex-auto sales, June retail sales are expected to be unchanged versus a 0.5% increase in May.
July Philly Fed Survey released at 8:30 AM EDT on Thursday is expected to slip to 9.5 from 10.3 in June.
June US Housing Starts released at 8:30 AM EDT on Friday are expected to increase to 1.31 million units from 1.18 million units in May.
June Industrial Production released at 9:15 AM EDT on Friday is expected to increase versus a 0.1% increase in May. June Capacity Utilization is expected to increase to 76.3% from 76.2% in May.
July Consumer Sentiment Survey released at 10:00 AM EDT on Friday is expected to improve to 50.5 from 49.5 in June.
Selected Earnings News This Week
Source: www.Investing.com
Thirty one S&P 500 companies and five Dow Jones Industrial Average companies are scheduled to report quarterly earnings this week. No TSX 60 companies are scheduled to report.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 10th 2026
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for July 10th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July10th 2026
Green: Increase from previous day
Red: Decrease from previous day
Changes Last Week
Technical Notes for Friday
U.S. Brokers iShares (IAI) moved above $190.24 and $190.32 to an all-time high extending an intermediate uptrend.
Brazil iShares (EWZ) moved above $35.62 setting an intermediate uptrend.
Links offered by valued providers
Michael Campbell’s Money Talks for July 11th
https://mikesmoneytalks.ca/category/mikes-content/complete-show/
Don’t Chase Breakouts! Wait for Confirmation: David Keller
Don’t Chase Breakouts! Wait for Confirmation (stockcharts.com)
This Rally is Expanding Across More Areas: Mary-Ellen McGonagle
This Rally is Expanding Across More Areas (stockcharts.com)
Will Canada’s Sub Purchase be Good for Economy? Bob Hoye
https://www.howestreet.com/2026/07/will-canadas-sub-purchase-be-good-for-economy-bob-hoye/
Where Are the Buys Now? Tom Lee on the Rotation
Where Are the Buys Now? Tom Lee on the Rotation – YouTube
The Friday Mailbag: Volatility, Quantum Computing & Commodity Charts | CHART THIS: David Keller
The Friday Mailbag: Volatility, Quantum Computing & Commodity Charts | CHART THIS – YouTube
It’s That Time Of The Year: Calendar next week (Note enclosed EquityClock’s seasonality chart)
It’s That Time Of The Year – YouTube
Advanced Institutional Analysis And Forecast: Gold, Silver, Oil, Natural Gas (Be Ready To Buy!) Verified Investing
Why the US Dollar Could Continue to Strengthen: Goldman Sachs
Why the US Dollar Could Continue to Strengthen – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 4.40 on Friday and gained 1.60 last week to 68.60. It remained Overbought. Daily uptrend was extended on Friday.
The short term (20 days) Barometer added 3.60 on Friday, but dropped 5.00 points last week.
The long term Barometer (200 days) added 2.60 on Friday but slipped 1.00 last week to 67.20. It remained Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.27 on Friday, but dropped 4.55 last week to 55.45. It remained Neutral.
The short term (20 days) Barometer dropped 1.36 on Friday but gained 1.36 last week to 53.18. It remained Neutral.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
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Equity Clock Publications