Market data not provided in this earnings preview newsletter.
The Fed's Beige Book is scheduled for release Wednesday afternoon. Treasury movements and Fed expectations not detailed in this earnings-focused update.
Bank sentiment appears neutral-to-positive heading into Q1 earnings, with expectations for healthy economic activity and robust capital returns despite Middle East war headwinds. The Iran ceasefire (effective 4/7) should begin reversing deal activity deferrals that weighed on investment banking fees, though trading likely benefited from increased volatility. Credit quality remains a major focus area amid rising scrutiny of the private credit industry.
US/Iran talks and US/Israel/Lebanon negotiations are scheduled to take place in Washington this week, likely generating significant Middle East developments. The Iran ceasefire appears to be holding, which should help reverse economic headwinds from the conflict.
GS reports Monday morning with Street expecting EPS +14.3% to $16.15 and revenue +11.9% to $16.855B, including investment banking fees +29% to $2.46B.
JPM reports Tuesday morning with Street modeling EPS +6.6% to $5.54 and total revenue +7.3% to $49.37B, despite limited surprises expected given recent analyst meeting and Dimon's annual letter release.
C earnings Tuesday morning should show EPS +35% to $2.64 with revenue +7.8% to $23.28B and improved trading revenues across FICC and equities.
JNJ reports Tuesday with sales expected +8% to $23.65B and EPS of $2.70, while investors await updates on the potential orthopedics business sale worth >$20B.
ASML Wednesday morning earnings should benefit from AI-driven production capacity boom, with Street expecting sales +12.1% to EU8.68B and orders +80% to EU7.08B.
NFLX Thursday after close appears well-positioned after dodging the WBD/Paramount situation, with Street modeling EPS +15.1% to 76c and sales +15.5% to $12.1B.
AA could see explosive earnings growth with Street modeling EPS jumping +265% in Q2 and +7380% in Q3 due to Middle East supply disruptions.
MON NIGHT — China imports/exports for March
WED MORNING — US import/export prices for March
WED AFTERNOON — Fed Beige Book release
WED NIGHT — China retail sales/industrial production for March
Monday Pre: GS
Monday Post: LVMH
Tuesday Pre: BLK, C, JNJ, JPM, KMX, WFC
Tuesday Post: Kering
Wednesday Pre: BAC, PNC, MS, ASML, Hermes
Wednesday Post: SLG
Thursday Pre: ABT, BK, CFG, KEY, MRSH, PEP, SCHW, TRV, TSM, USB
Thursday Post: AA, NFLX
Friday Pre: RF, STT, TFC, Ericsson
No earnings guidance provided for the following two weeks.