The Bottom Line
Focuses this week are on:
- Quarterly results released by big cap U.S. technology companies: Alphabet, Microsoft, Amazon and Meta Platform on Wednesday and Apple on Thursday
- FOMC update on interest rates on Wednesday
Earnings and Revenues Consensus for S&P 500 companies
Source: www.factset.com
Analysts increased 2026 earnings and revenue estimates again last week.
- Consensus for first quarter 2026 calls for a 15.1% earnings increase, up from a 13.2% increase last week. Revenue gains increased to 10.3% from 9.9%.
- Consensus for second quarter 2026 earnings gains increased to 20.6% from20.1%. Consensus for revenue gains increased to 10.7% from 10.3%.
- Consensus for third quarter 2026 earnings gains increased to 22.7% from 22.2%. Consensus for revenue gains increased to 9.5% from 9.2%.
- Consensus for fourth quarter 2026 earnings gains increased to 20.4% from 19.9%. Revenue gains slipped to 8.5% from 8.9%.
- For all of 2026, consensus for earnings gains increased to 18.6% from 18.0%. Consensus for revenue gains increased to 9.5% from 9.2%.
Economic News This Week
March Durable Goods Orders released at 8:30 AM EST on Wednesday are expected to increase 0.5% versus a 1.4% drop in February.
February U.S. Housing Starts released at 8:30 AM EST on Wednesday are expected to drop to 1.35 million units from 1.49 million units in January. March starts are expected to increase to 1.38 million units.
FOMC Decision on interest rates is released at 2:00 PM EST on Wednesday. Press conference with Chairman Powell is scheduled at 2:30 PM EST. Consensus calls no change in the Fed Fund Rate currently at 3.50%-3.75%.
First Quarter U.S. GDP is released at 8:30 AM EST on Thursday is expected to increase 2.4% versus a 0.5% increase in the fourth quarter of 2025.
March U.S. Personal Income released at 8:30 AM EST on Thursday is expected to increase 0.3% versus a 0.1% drop in February. March U.S. Personal Spending is expected to increase 0.9% versus a 0.5% increase in February.
March Core PCE Index released at 8:30 AM EST on Thursday is expected to increase 0.7% versus a 0.4% increase in February. On a year-over-year basis, the March Index is expected to increase 3.5% versus a 2.8% increase in February.
February Leading Economic Index are released at 10:00 AM EST on Thursday
Selected Earnings News This Week
Another 180 S&P 500 companies are scheduled to release quarterly results (including 11 Dow Jones Industrial Average companies). Another 12 high cap TSX companies (bolded) are scheduled to report.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 24th 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 April 24th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 24th 2026
Green: Increase from previous day
Red: Decrease from previous day
Changes Last Week
Comments for Wolfe and Jack
Following are notes used for the interview on “Wolfe on Bay Street” released over the weekend.
Equity market performance in North American equity markets this April has been extraordinary: As of April 22nd the S&P 500 Index has advanced more than 13% and the TSX Composite Index has gained more than 7%.
Driving force for North American equity market performance in April has been anticipation of strong first quarter corporate results. Consensus for the S&P 500 companies for the first quarter calls for a year-over-year 13.2% increase in earnings and a 9.9% increase in revenues. Consensus for earnings and revenue gains by TSX 60 companies in the first quarter also is strong thanks to higher crude oil, copper, zinc and fertilizer prices.
First quarter results released to date by S&P 500 companies generally have exceeded consensus, most notably by high tech companies (e.g. Texas Instruments). The big week for frequency of U.S. earnings reports is next week. Focuses are on reports by Alphabet, Microsoft, Amazon and Meta Platform when they report on Wednesday and on Apple when it reports on Thursday. Look for more good news!
Strength in U.S. equity prices is following an historic pattern: The period between the first week in April and the first week in May normally has been the strongest one month period for U.S. equity prices. According to www.EquityClock.com the S&P 500 has gained an average of 2.0% per period during the past 20 periods.
Something special normally occurs during the April/early May period that triggers seasonal strength in equity prices! In addition to releasing first quarter results, most major U.S. companies also hold their annual meeting where Chief Executive Officers frequently offer an encouraging outlook for the remainder of the year. Stock prices respond accordingly. In 2026 frequency of first quarter earnings reports and annual meetings by major U.S. companies peaks next week.
Chief Executive Officers have “something to cheer about” at annual meetings this year: Consensus calls for earnings and revenue gains by S&P 500 companies to accelerate as the year progress. Analysts are predicting that earnings by S&P 500 companies will increase 18.6% in 2026. Revenues are predicted to increase 9.5%.
The “special” annual corporate meeting event in Canada is slightly different. Historically, most major Canadian companies release first quarter results and hold their annual meeting in May instead of late April. Understandably, the seasonal peak by the TSX Composite Index is slightly delayed. On average, the TSX 60 Index reaches a seasonal peak on June 2nd. Look for history to repeat this year.
A word of caution! U.S. and Canadian equity markets have a history of entering into at least a brief period of consolidation/correction following their first quarter report/annual meeting events. Given the strength in North American equity markets this April, look for history to repeat.
Technical Notes
Amazon (AMZN) moved above $258.60 to an all-time high extending an intermediate uptrend.
Baker Hughes (BKR) a NASDAQ 100 stock moved above $67.00 to an all-time high extending an intermediate uptrend.
Eli Lilly (LLY) an S&P 100 stock moved below $877.11 extending an intermediate downtrend.
Linde (LIN) an S&P 100 stock moved above $508.94 to an all-time high extending an intermediate uptrend.
Links offered by valued providers
Michael Campbell’s Money Talks for April 25th
Michael Campbell’s MoneyTalks – Complete Show (mikesmoneytalks.ca)
Oil Supply Shock, Strait of Hormuz Closure & U.S. Energy Opportunities: Nine Point Partners
https://www.youtube.com/watch?v=ZRWeJx6P2f0
INTC Earnings Adds Muscle to AI Chip Trade, Gauging Geopolitical Tension: Schwab Network
INTC Earnings Adds Muscle to AI Chip Trade, Gauging Geopolitical Tensions – YouTube
Warning: NASDAQ Top Is Likely In, Semiconductor Blow Off Top Complete, Here Are The Trades: Verified Investing
https://www.youtube.com/watch?v=GNIKQ5MuqHc
Markets Hit New Highs, But Momentum Is Fading: Mary Ellen McGonagle
Markets Hit New Highs, But Momentum Is Fading (stockcharts.com)
Weekly Update with Larry Berman – April 25, 2026
Weekly Update with Larry Berman – April 25, 2026 – YouTube
Oil Spikes, Tech Explodes… Something Isn’t Right || Gareth Soloway & Benjamin Pool
Oil Spikes, Tech Explodes… Something Isn’t Right || Gareth Soloway & Benjamin Pool – YouTube
Why This Market Keeps Tricking Investors | CHART THIS Mailbag Episode: Dave Keller
Why This Market Keeps Tricking Investors | CHART THIS Mailbag Episode – YouTube
World Has Faced Serious Energy Crunches Before: Bob Hoye
https://www.howestreet.com/2026/04/world-has-faced-serious-energy-crunches-before-bob-hoye/
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 2.40 on Friday and fell 8.20 last week to 52.80. It changed from Overbought to Neutral on a drop below 60.00. Daily trend has turned down.
The short term (20 days) Barometer dropped 6.00 on Friday and plunged 20.20 last week to 60.20. It remains Overbought. Daily trend has turned down.
The long term Barometer slipped 1.20 on Friday and dropped 4.60 last week to 57.00. It changed last week from Overbought to Neutral on a drop below 60.00. Daily trend is down.
TSX Momentum Barometers
The intermediate term Barometer slipped 0.91 on Friday and dropped 13.18 last week to 52.27. It changed last week from Overbought to Neutral. Daily trend is down.
The short term (20 days) Barometer added 0.91 on Friday but dropped 15.46 last week to 57.27. It changed from Overbought to Neutral on a drop below 60.00. Daily trend is down.
The long term Barometer dropped 3.18 on Friday and dropped 3.18 last week to 72.73. It remains Overbought.
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