The coming week will offer more clues to the state of the economy. In addition to earnings reports will be data on U.S. gross domestic product and the monthly labor report, as well as monetary policy announcements by the Fed and the European Central Bank.
“The Fed is going to be meeting and there is speculation that maybe they will start to reduce their bond purchases in September,” Peter Jankovskis, co-chief investment officer who helps manage $3.6 billion at Oakbrook Investments LLC, said via phone from Lisle, Illinois. “The reports that we have had and any statements they make are going to be the big lead-in to that story. The big driver really continues to be the employment statistics.”
Exxon Mobil Corp. and Procter & Gamble Co. (PG) will be among 134 S&P 500 companies releasing results in the coming week. Of the 260 companies in the benchmark equity index that have posted quarterly results so far, 73 percent have exceeded analysts’ estimates for profit and 57 percent have topped sales projections, data compiled by Bloomberg show.
Industrials lost 1 percent as a group for the week, the most among 10 industries in the S&P 500, followed by a 0.8 percent drop among energy producers.