Earnings, earnings and more earnings will drive investor sentiment today and Wednesday. Several stocks may get attention as “canaries in the coal mine” for what impact the trade wars are beginning to have. Not normally a bellwether, Canadian National Railway (CNI) may merit more attention than usual today. Investors will be listening to conference call commentary for sentiment changes due to recent tariffs.
Color on international sales will also be front-and-center when Harley-Davidson (HOG) reports today and Coca-Cola (KO) reports tomorrow. Harley has recently come under the ire of President Trump for moving some production to the EU to offset tariffs. Coke may also give some indication of whether foreign sentiment toward the trade wars is beginning to weigh on earnings.
Much of Wednesday will be devoted to Facebook (FB). Investors will want even more assurances of data safety, even as the company blankets airways with advertisements meant to assuage FB users. If Facebook can blow away ad revenue numbers, which they’ve been trying to jolt with their latest algorithm updates, it will go a long way toward appeasing investors.
The rest of Wednesday will see earnings from heavy hitters Visa (V) in the financial sector, General Dynamics (GD) and Northrop Grumman (NOC) in defense, and Boeing (BA) in aviation.
And finally on the earnings front, investors will be looking to see if Boeing can continue to benefit from increased passenger jet orders without facing headwinds caused by the potential for trade wars. Earlier this month, Boeing announced increased orders for its 737 and 787 but decreased demand for the 777.
The economic calendar for Tuesday and Wednesday is relatively light, allowing the market to remain focused on earnings. Most notable are mortgage applications and new home sales released Wednesday morning. A low housing supply and increased prices slowed sales in the first half of the year. But, Freddie Mac expects conditions to improve the rest of the year and is predicting 2.5% growth in combined new and existing sales.
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