Earnings Grab Spotlight in Coming Week
NEW YORK (TheStreet) -- A busy earnings calendar is likely to dominate the markets in the coming week, although investors will continue to react to headlines out of Europe and economic data coming out of the U.S. and China amid resurfacing concerns about global growth.
Stocks fell more than 1% on Friday, capping a stretch that saw the major U.S. equity indices suffer their worst week of 2012. Disappointing jobs data and soaring Spanish debt costs were among the factors weighing on sentiment.
The earnings season got off to a seemingly strong start with better-than-expected earnings from Alcoa(AA) , Google(GOOG) , JPMorgan Chase(JPM) and Wells Fargo(WFC) . But aside from Alcoa, the stocks weren't really rewarded, and investors seem to be reserving judgment until they hear from more bellwethers, beginning next week.
Citigroup(C) will set the tone early when it reports before the bell Monday. After underperforming peers in the last quarter and failing to win approval to return capital to shareholders from the Federal Reserve earlier this year, the bank is under heightened investor scrutiny.
JPMorgan and Wells, two of the healthiest banks, have also set a high bar for earnings.
Outside of the financials, investors will also get a smattering of name-brand earnings reports from the tech (IBM(IBM) and Intel(INTC) ) and consumer sectors (Coca-Cola(KO) and Johnson & Johnson(JNJ) ).