This week marked the peak of the U.S. stock market earnings season. Standard & Poor’s (S&P) 500 companies are reporting their second-quarter results.
S&P 500 Index results for 180 companies.
Procter & Gamble (P&G), a large consumer goods company, UPS, a courier service that acts as a weather vane for economic trends, and Caterpillar, a heavy equipment manufacturer, released earnings this week.
Wall Street Journal (WSJ) said on the 24th (local time) that this week is an interesting week for corporate earnings announcements, as investors can gain insights into the new Coronavirus infection pandemic (COVID-19), delta mutation, and rising costs for businesses.
The S&P 500 will release its second quarter results between the 26th and 30th.
All industries are reporting, including McDonald’s, Starbucks, General Electric (GE), 3M, Boeing, and other major companies. We’ll know which way U.S. companies went in the second quarter.
Several big banks have released their quarterly results beginning on the 6th of this month, including JP Morgan Chase. The company’s results have shown strong growth in sales and net income compared to the same period last year.
With the expansion of vaccinations in the spring, the economic reopening also increased business profits.
Meanwhile, companies are raising prices fast enough to cause inflation concerns. In the face of supply chain disruptions and rising raw material prices, companies are passing on the cost increases to their customers.
Corporate net income jumped 74% from a year earlier.
Tesla’s earnings call on the 26th kicks off this week’s earnings release.
Elon Musk, Tesla’s CEO, said during a conference call in April that “demand has never been stronger.”
Wall Street analysts expect Tesla’s first-quarter sales to reach $11.53 billion, higher than the company’s first-quarter sales. The second quarter’s sales are expected to have nearly doubled from last year’s $6.04 billion.
On the 27th, Apple, Microsoft, and Alphabet will announce their earnings. The stock market was up last week.