The Week Ahead | 06/08/2020

Wow.  Unemployment rate is at 13.3% according to the BLS.  All major averages shot up and as of this writing, they are extending their move higher.  Can the market continue to rally?  Is the Market a Hold?  Should we sell into this strength that is propped up by stimulus?  Those are the questions that traders are asking right now.

I believe that the all clear has not been called. Continue to look at the Jobless Claims each week to get a read on the market.  We still have 18 million people that still are out of work.  There are three things that I am watching.  1. Stimulus, 2. the Virus, 3. Recovery (job numbers).  Right now, we still have some challenges in all three.

Happy Monday. Good Luck out there this week.

Economic Calendar

Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.

2020-06-08_9-21-19.png

Briefing.com

Last Weeks Numbers

Review Last weeks numbers here.

2020-06-08_9-08-32.png

Earnings

Source I/B/E/S data from Refinitiv

Aggregate Estimates and Revisions

  • 20Q1 earnings are expected to decrease 12.6% from 19Q1. Excluding the energy sector, the earnings growth estimate is -12.0%.
  • Of the 494 companies in the S&P 500 that have reported earnings to date for 20Q1, 65.4% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 74%.
  • 20Q1 revenue is expected to decrease 1.4% from 19Q1. Excluding the energy sector, the growth estimate is -0.5%.
  • During the week of June 8, four S&P 500 companies are expected to report quarterly earnings.

If you find this post helpful, please pass along to the investment community.  If you would like to see any additional information, drop us a line and let us know.

Share: