What is going to impact the markets this week

01.08.2016 / 11:58

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Corporate earnings remain in the spotlight. At the start of the second-quarter earnings season, research firm FactSet predicted a 5.1% year-over-year decline in S&P 500 earnings, but operational results are shaping up far better than expected, with the latest projections calling for a smaller decline of 2.4%. This modest optimism has been pushing up stock prices, although recent declines in the broader indices seem to indicate that investors are running out of justifications for putting money into overvalued stocks. If earnings stay relatively robust, the stock market's momentum should continue. Key earnings reports this week include:

Monday: AMC Entertainment (AMC) , Diamond Offshore (DO) , Lowes (L)

Tuesday: Aetna (AET) , CVS Health (CVS) , Procter & Gamble (PG) , Pfizer (PFE)

Wednesday: HollyFrontier (HFC) , Occidental Petroleum (OXY) , Time Warner (TWX) , 21st Century Fox (FOXA)

Thursday: Chesapeake Energy (CHK) , Duke Energy (DUK) , Viacom (VIAB)

Friday: Weyerhaeuser (WY) , Berkshire Hathaway (BRK.B)

For economic data this week, the focus will be on jobs. Keep your eye on the U.S. Department of Labor jobs report scheduled for release on Friday. Analysts expect the government to report that U.S. employers added 175,000 jobs in July and the unemployment rate held firm at 4.9%.

If this upbeat jobs estimate holds true, it would come on the heels of the blockbuster jobs report in June, when 287,000 jobs were added, far above the estimate of 180,000. The latest unemployment claims report, scheduled for release on Thursday, will give a hint of what to expect on Friday. Good news on the employment front would provide the fuel that this sputtering stock market rally needs. It would also give the Federal Reserve the political cover to raise interest rates later this year.

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What is going to impact the markets this week

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