The second-quarter earnings season started last week with
report, but Tuesday will bring the first true heavyweight report, courtesy of
, scheduled to report ahead of Tuesday's opening bell, is expected to earn more than $1.7 billion, or $3.47 a share, according to consensus estimates of 16 analysts surveyed by Thomson Reuters . The company earned $4.58 a share in the year-ago quarter.
Goldman will set the stage for other bank companies scheduled to report later this week, including
Bank of America
from the bank.
upgraded Goldman shares Monday to buy, saying Goldman will be the key competitor in some of the unpredictable markets of government, corporate and municipal debt. Research firm Institution Risk Analytics also upgraded Goldman on Monday.
Johnson & Johnson
will also report before Tuesday's open, with analysts expecting earnings of $1.11 a share on sales of $15 billion, according to Thomson Reuters. That compares to year-ago earnings of $1.18 on revenue of $16.4 billion.
Fellow Dow member
will headline the post-close rush of earnings. The chipmaker is expected to report a profit of 8 cents a share on revenue of $7.27 billion, down from earnings of 28 cents a share on revenue of $9.47 billion in the year-ago period, according to Thomson Reuters.
will also report quarterly results after Tuesday's close.
But Tuesday isn't only about earnings, as several key economic reports will be released before the start of trading. At 8:30 a.m. EDT, the
will release the June reading for its producer price index. The headline number, which measures inflation at the producer level, should rise 1% after a 0.2% increase in May.
The core number, which excludes food and energy, should climb 0.1% last month after falling fractionally in May, according to economists polled by
At the same time, the Census Bureau will post the government's retail sales data for June, with economists expecting a 0.4% rise after a 0.5% increase in May. Excluding auto sales, retail sales are expected to have climbed 0.5%, matching May's increase.
Shortly after the start of trading, the Census Bureau will post a separate report on business inventories for May, which should fall 0.8% after a 1.1% decline in April.