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EXECUTIVE SUMMARY:
- Q2's earnings season unusually sees a particularly busy first week, with ~7.5% of the S&P 500 set to report. Both big financials and major tech names see the early focus: Goldman Sachs, Blackrock, Citigroup, JPMorgan, Wells Fargo & Morgan Stanley are all due from the financial sector, while Netflix, J&J & Abbot Labs also cross.
- Headed into the end of Q1, the KBW Bank Index sharply underperformed, falling as much as 10% on the outbreak of the Iran War. The early April rally has alleviated some of these pressures, but the sector still looks cheap on a valuation basis relative to the rest of the S&P 500 - putting bank results, and any read through for the consumer, into sharp focus.
- Much of the Magnificent Seven firms report toward the end of April, meaning over 50% of the S&P 500 by market cap will have published earnings by the beginning of May.
Full earnings schedule includes expectations for EPS, revenues and a full schedule of S&P 500 earnins across the quarter