Eyes on Earnings — Week of May 18, 2025
They say “this time is different” are four of the most dangerous words in investing. But while some investing pundits warn that things are different, the market’s attitude has become one of indifference — dare we say, verging on optimism. Last week, the S&P 500 lurched back into green territory, marking an informal end to a tumultuous few weeks for investors.
The week behind: Last week wasn’t without controversy, as Trump unveiled an executive order that will force pharmaceutical firms to ‘make a deal’ with the President to avoid targeted tariffs. However, sentiment seemed to turn a corner as the IPO market warmed on a debut from brokerage eToro and a new S-1 from Chime. But after reports from Sweetgreen, CoreWeave, and On Holdings, earnings season has almost drawn to a close. Here were the three biggest stories of last week to revisit before diving into the new week:
- Wholesale heavyweight WalmartWMT warned that its “everyday low prices” could be at risk due to the tariff tiff, even as trade negotiations drag on and higher tariffs get punted.
- UnitedHealthUNH pulled its guidance and said farewell to CEO Andrew Witty just a day before a report revealed federal regulators have been conducting a criminal investigation into the company’s Medicare billing practices since at least mid-2024.
- Chinese stocks defied US uncertainty, with a mostly promising slate of results from NetEaseNTES, TencentTCTZF, and JD.comJD.
The Week Ahead
This coming week, earnings will be slim, with 159 US stocks scheduled to report. Here are three themes to watch:
- Remainder of retail: Home DepotHD, Lowe’sLOW, and TargetTGT will follow Walmart’s results from last Thursday, along with a report from department-store leader TJX CompaniesTJX.
- China hits the road: Chinese earnings continue with updates from travel agency Trip.comTCOM, self-driving players Pony.aiPONY and WeRideWRD, and BaiduBIDU, among others.
- Tech’s tempo: Cybersecurity firm Palo Alto NetworksPANW, cloud giant SnowflakeSNOW, and TurboTax maker IntuitINTU will be among the remaining tech firms to put forward their best effort.
Honorary mentions: Cruise operator Viking HoldingsVIK, Urban OutfittersURBN, and semiconductor firm Analog DevicesADI are a few other one-off reports to watch. Throughout the week, we’ll also see updates from apparel names such as Arc’teryx parent Amer SportsAS, Ralph LaurenRL, and Vans owner VF CorporationVFC. And possibly, we’ll see whether Canada’s TD BankTD is turning a corner after paying out billions in fines late last year.