Eyes on Earnings — Week of Apr. 27, 2025
After weeks of getting beat by the stick, investors finally got a carrot this past week as the S&P 500 rallied 5.6% and put the market within reach of breakeven on the year — another big win for “nothing really happens” enthusiasts. But as recent consumer expectations demonstrate — and earnings from Tesla, Boeing, and PepsiCo revealed last week — trade uncertainty remains a cornerstone, with Trump’s rage against the globalist machine far from over.
The week ahead: Peak earnings season is here, with 791 companies set to report. Here are our top three themes to watch:
- Big Tech beckons: Big Tech reports from MetaMETA and MicrosoftMSFT are slated for Wednesday — while AppleAAPL and AmazonAMZN will follow on Thursday. Reports from America’s largest firms are seen as a cornerstone of the earnings season.
- Do we have a consumer conundrum? After Chipotle cast doubt on the consumer in its earnings report last week, analysts will keep a watchful eye on results from staples like StarbucksSBUX, McDonald’sMCD, and Yum BrandsYUM. Separately, consumer goliaths like Coca-ColaKO and Mondelez InternationalMDLZ will also make a showing.
- Pharma’s formal entry: Late last week, earnings from healthcare firms began to trickle out, but Tuesday will give us a better feel for things, with NovartisNVS, AstraZenecaAZN, and PfizerPFE helping to set the tone for this relatively undervalued segment. They’ll be joined by GSKGSK, Eli LillyLLY, and AmgenAMGN, among others.
Other Big Themes for the Week
We’ll also have an eye on reports from across the tech world — including streaming standout SpotifySPOT, enterprise software company AtlassianTEAM, and the payment duopoly of VisaV and MastercardMA. Plus, these three other industries get honorable mentions…
- No time to travel: JetBlueJBLU and FrontierULCC will round out US airlines reports, but their peers have been clear — economic circumstances are waning. Will the rest of the travel industry agree? Booking HoldingsBKNG and trivagoTRVG, along with cruise giants NorwegianNCLH and Royal CaribbeanRCL, short-term rental platform AirbnbABNB, and hotel chain HiltonHLT could tell.
- Is ‘drill baby drill’ doomed? Oil prices have been hammered in recent weeks, falling below $60 on demand jitters. That’s bound to make reports from America’s two largest oil producers — ExxonXOM and ChevronCVX — extra interesting.
- Industrials would like a word: Industrials like steel giant NucorNUE, chemicals firm DuPontDD, and conglomerate Honeywell InternationalHON will likely have more colorful commentary than their tech compatriots — speaking to the scale and impact of the broader market situation.