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FOCUS WILL BE ON RETAILER RESULTS AMID TARIFF WORRIES

The first-quarter U.S. earnings period is almost over, but investors will be able to get a glimpse into consumer health with some high-profile retailers including Walmart WMT.N still due to post results.

Walmart's results are due Thursday, while Target TGT.N is due May 21 and Home Depot HD.N is due May 20.

Details on consumers will be important to investors given recent worries over the Trump administration's tariff announcements. Uncertainty surrounding the impacts of the tariffs and the resulting global trade tensions have dominated earnings calls this results season, and many companies have been changing their guidance.

With results in from 450 of the S&P 500 .SPX companies as of Friday, year-over-year earnings growth for the first quarter of 2025 is now seen at 14.1%, up from 13.6% a week ago, according to LSEG data.

In addition, the growth forecast for second-quarter 2025 S&P 500 earnings has fallen to 6.3% as of Friday versus 10.2% at the start of April, based on LSEG data.

For all of 2025, analysts now expect earnings growth of 8.7% for S&P 500 companies, down from 10.5% as of April 1.

(Caroline Valetkevitch)

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