So far, corporate earnings are holding up and the economy seems to be staying resilient. Last week was a quiet week for stocks, just slightly down - the Nasdaq was down 0.3%, the Dow Jones lost 0.2% and the S&P 500 finished only 0.03% lower. Through last week, 76% of S&P 500 companies have beaten Wall Street's earnings estimates. Although, while companies are broadly beating earnings expectations, overall corporate profits have disappointed, pointing to a possible recession ahead. This week, earnings continues with Amazon, Google, Facebook and Microsoft all reporting on their quarterly earnings.
Economic reports from last week came back mixed: •Manufacturing (New York) - higher than expectation •Manufacturing (Philadelphia) - lower than expectation •Homebuilder Sentiment - in-line with expectation •New Residential Construction - higher than expectation •Existing Home Sales - lower than expectation •Jobless Claims - higher than expectation This week, investors will look for guidance from economic reports like Manufacturing, Economic Activity, Housing, Consumer Confidence & Sentiment, Personal Income and Jobless Claims.