This will be another busy week for earnings. Over 150 S&P 500 stocks will report their earnings this week.
Things get kicked off on Monday as Halliburton (HAL) and Eaton (ETN) post second-quarter results. We’re also going to get the report on leading economic indicators. Hopefully, there will be signs of improvement.
On Tuesday, all eyes turn to Capitol Hill as Ben Bernanke begins his Humphrey-Hawkins testimony. The topic will be, “are some companies too big to fail?” We’ll also get earnings from BlackRock (BLK), Caterpillar (CAT), Schering-Plough (SGP) and Yahoo (YHOO).
On Wednesday, Bernanke will continue his testimony but now he’ll go over to the Senate side. Meanwhile, the House Financial Services Committee will look at White House proposals on financial regulatory reform. We’ll also get earnings reports from Altria (MO), Bank of New York Mellon (BK), Morgan Stanley (MS), Pepsi (PEP) and Pfizer (PFE).
On Thursday, we’ll get a report on existing-home sales. The results could be a post-Lehman Brothers high. We’ll also get earnings reports from Amazon.com (AMZN), American Express (AXP), AT&T (T) and Fifth Third Bancorp (FITB).
Finally on Friday, the Michigan consumer-sentiment index for July will probably be revised higher. Also, the minimum wage increases from $6.55 an hour to $7.25 an hour.