The coming week is shaping up as another wild one, as traders confront an avalanche of quarterly earnings reports and some key economic data.
"The market has been taking turns trading off of inflation data and earnings reports," says Randy Diamond, a sales trader at Miller Tabak. "And we expect more of the same next week."
Monday starts the earnings onslaught, with
reporting, along with biotech
. Analysts expect Sepracor to lose 56 cents, down from 59 cents a year ago, on $111 million in sales.
Tuesday's lineup is jam-packed as well, with names including
RF Micro Devices
On Wednesday, the market will hear from
Also on tap is a report from brewer
, which recently disclosed that famed investor Warren Buffett had purchased a chunk of shares. Analysts expects the maker of Budweiser to earn 63 cents for the quarter, down from 66 cents last year, on $3.53 billion in revenue.
On Thursday, the market will hear from names including
Starwood Hotels and Resorts
Vornado Realty Trust
are also due to weigh in on Thursday. Analysts are looking for Exxon Mobil to earn an impressive $1.20 a share, up from 83 cents last year. For DaimlerChrysler, Wall Street is looking for the company to earn 73 cents, up from 48 cents in the year ago period.
Friday will be the lightest earnings day for the week. Notable names set to wrap up the week include
Aside from earnings, the only other thing that could potentially weigh on the markets, adds Diamond, is if the battle in Congress over President Bush's judicial nominees heats up to the point where it threatens to throw the government into gridlock.
"Consumer confidence has been so fragile lately; the last thing this stop and go market needs is for Washington to stop completely," says Diamond.
Consumer confidence will be in focus on Tuesday, followed by durable-goods orders on Wednesday. Thursday brings advance GDP numbers for the first quarter. On Friday,
Chairman Greenspan will get some of his favorite economic indicators in the personal income and spending data for March.
As to whether Thursday's gains can give traders some momentum in the coming week, Wachovia strategist Larry Wachtel warns investors to "slow down."
"The market's snapback was impressive, but you can't just turn around and say it's a brave new world after one good day," he says.