Earnings continue to be the market’s engine, and a series of results this week from Palantir (PLTR), SpaceX (SPCX), and AMD (AMD) could rev up stocks again.
In addition to Palantir’s report after the bell on Monday, Tyson (TSN), Marriott (MAR), and ON Semiconductor Corporation (ON) also report. Later in the week, investors are gearing up for SpaceX’s (SPCX) first quarterly report as a public company, as well as results from AMD, Caterpillar (CAT), McDonald’s (MCD), Eli Lilly (LLY), and Novo Nordisk (NVO), among others.
Overall, it’s shaping up to be a strong earnings season for the S&P 500 (^GSPC). According to FactSet data, analysts estimate the year-over-year S&P 500 earnings growth rate for the second quarter will be 47.5% — surging past the five-year average of 16.4% and the 10-year average of 10.3%.
If that holds, it will mark the second consecutive quarter of earnings growth above 20% for the index and the seventh straight quarter of double-digit growth.