The Bottom Line
Focuses this week are on:
- Quarterly reports by Meta Platforms and Microsoft on Wednesday, and Amazon on and Apple on Thursday.
- FOMC decision on interest rate on Wednesday.
- U.S. inflation rate based on PCE Core Price Index released on Thursday
Earnings and Revenue Consensus for S&P 500 Companies
Source: www.factset.com
Analysts increased their 2026 earnings and revenue estimates significantly last week after Alphabet reported an extraordinary gain. Twenty seven percent of S&P 500 companies have reported to date.
- Consensus for second quarter 2026 earnings gains increased to 37.9% from 24.7% last week. Consensus for revenue gains increased to 13.2% from 12.8%.
- Consensus for third quarter 2026 earnings gains increased to 27.3% from 27.0%.last week. Consensus for revenue gains increased to 10.9% from 10.8%.
- Consensus for fourth quarter 2026 earnings increased to 24.9% from 24.6% last week. Consensus for revenue gains slipped to 10.5% from 10.4%.
- For all of 2026, consensus for earnings gains increased to 27.3% from 24.5 % last week. Consensus for revenue gains increased to 11.0% from 10.9%.
- For all of 2027, consensus for earnings gains dropped to 15.3% from 17.5% last week and consensus for revenue gains increased to 8.3% from 8.2%
Economic News This Week
Source: www.marketwatch.com
June Durable Goods Orders released at 8:30 AM EDT on Monday are expected to improve 2.1% versus a 4.5% drop in May.
FOMC interest rate decision released at 2:00 PM EDT on Wednesday is expected to record no change for the Fed Fund Rate currently at 3.50%-3.75%.
June Personal Income released at 8:30 AM EDT on Thursday is expected to increase 0.4% versus a 0.7% increase in May. June Consumer Spending is expected to increase 0.3% versus a 0.3% increase in May.
June PCE Core Price Index released at 8:30 AM EDT on Thursday is expected to increase 0.2% versus a 0.3% increase in May. On a year-over-year basis, the June Index is expected to increase 3.3% versus a 3.4% increase in May.
July University of Michigan Consumer Sentiment released at 10:00 AM EDT on Friday is expected to slip to 54.0 from a previous 54.4 estimate.
Selected Earnings News This Week
Source: www.MarketWatch.com
Another 177 S&P 500 companies (including 9 Dow Jones Industrial Average companies) are scheduled to report this week. Another 10 TSX 60 companies are scheduled to report.
Bolded stocks are TSE listed stocks
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for July 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 July 24th 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for July 24th 2026
Green: Increase from previous day
Red: Decrease from previous day
Technical Notes for Friday
Comcast (CMCSA) an S&P 100 stock moved below $21.83 extending an intermediate downtrend.
Raytheon Technologies (RTX) moved above $213.61 to an all-time high extending an intermediate uptrend.
Changes Last Week
Links offered by valued providers
Michael Campbell’s Money Talks for July 25th
https://mikesmoneytalks.ca/category/mikes-content/complete-show/
Trendline Break At RISK: Oil Drops After Tagging 50% Retrace, Stocks Struggle On Earnings Worries: Verified Investing
Wharton Professor Jeremy Siegel on why this upcoming FOMC meeting is important
Wharton Professor Jeremy Siegel on why this upcoming FOMC meeting is important – YouTube
Your Top Market Questions Answered: Yields, ETFs, Crypto Stocks & Better Investing | CHART THIS: Dave Keller
S&P 500 Faces Major Test Ahead of Big Tech Earnings: Stock Charts
S&P 500 Faces Major Test Ahead of Big Tech Earnings (stockcharts.com)
Will we see a major market correction this fall? Bob Hoye
Could Gold Save You if Markets Crash? – HoweStreet
AI Bust Fallout ‘More Significant’ Than Dot-Com: Danielle Park
AI Bust Fallout ‘More Significant’ Than Dot-Com – HoweStreet
Trading Desk Notes for July 25, 2026: Victor Adair
https://www.howestreet.com/2026/07/trading-desk-notes-for-july-25-2026/
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.80 to 65.80 on Friday and gained 1.20 last week to 65.80. It remained Overbought.
The short term (20 days) Barometer added 11.20 on Friday and dropped 3.40 last week. It remains Neutral.
The long term Barometer added 1.40 on Friday and gained 3.60 last week to 66.80. It remained Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 5.00 on Friday and gained 4.09 last week to 58.64. It remained Neutral.
The short term (20 days) Barometer 8.64 on Friday and dropped 0.91 last week to 55.91. It remained Neutral.
The long term Barometer slipped 0.91 on Friday and gained 3.63 last week to 61.36. It remained 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