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ALERT

Industrial Giant Impresses with 19% Gain

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Earnings season is in full bloom this week, with a bevy of corporate reports scheduled for release. Wall Street is widely expected to continue its recent run of strong results, offering further evidence that the so-called earnings recession is behind us.

Financial research firm FactSet is forecasting a second-quarter earnings growth rate of 6.6% for the S&P 500. Nine sectors are expected to report higher earnings for the quarter, led by energy. However, optimism surrounding the energy sector is skewed given that the earnings growth rate is tabulated on a year-over-year basis. At this time last year, energy companies were still struggling with the effects of the oil-price collapse.

Energy stocks are part of the broader Basic Materials sector, which offers solid dividend plays for income investors.

On the data front, a pair of surveys from regional Federal Reserve banks will make headlines throughout the week, as will monthly reports on housing market conditions.

Bank earnings and economic data headlined last week’s calendar. To compare this week’s Market Glance with the previous edition, click here.

Monday

Economic Data

The week begins with the Empire State Manufacturing Survey, a leading indicator of New York factory activity. The report, which is released by the Federal Reserve Bank of New York, is based on a survey of 175 manufacturing executives.

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