First-quarter earnings season is set to continue next week as more large U.S. banks report earlier in the week, setting the tone for markets.
Bank of America (BAC - Get Report) and Goldman Sachs (GS - Get Report) will report their performance over the three months to March 31 on Tuesday, while Morgan Stanley (MS - Get Report) will report Wednesday.
So far, Citigroup (C - Get Report) , JPMorgan (JPM - Get Report) and Wells Fargo (WFC - Get Report) reported strong earnings, beating expectations as investors anticipate a strong earnings season, despite geopolitical concerns regarding Russia, Syria and North Korea.
"Revenue and earnings are expected to trend upwards," Terry Sandven, U.S. Bank Wealth Management chief equity strategist, wrote in a note. "We continue to look for equities to grind higher as earnings trend upwards."
Sandven added that Bloomberg estimates first quarter revenue to rise 9% and earnings 11%, while earnings for all of 2017 will increase 10% from the prior year.
"Equity prices remain generally stable despite an abundance of growing concerns," Sandven said. "We continue to believe that the macro environment remains supportive of higher equity prices, bolstered by the Goldilocks-like pace of economic growth, rising earnings and absent a looming recession or widespread inflation."
Also on the earnings calendar in the coming week: M&T Bank (MTB - Get Report) , Netflix (NFLX - Get Report) , United Continental (UAL - Get Report) will report on Monday; Comerica (CMA - Get Report) , Harley-Davidson (HOG - Get Report) , Johnson & Johnson (JNJ - Get Report) , Charles Schwab (SCHW - Get Report) , UnitedHealth Group (UNH - Get Report) will report Tuesday; American Express (AXP - Get Report) , BlackRock (BLK - Get Report) , eBay (EBAY - Get Report) , Qualcomm (QCOM - Get Report) , TD Ameritrade (AMTD - Get Report) , U.S. Bancorp (USB - Get Report) will report Wednesday; Bank of New York Mellon (BK - Get Report) , BB&T (BBT - Get Report) , Verizon (VZ - Get Report) , Visa (V - Get Report) will report Thursday; and General Electric (GE - Get Report) , Honeywell International (HON - Get Report) , and Schlumberger (SLB - Get Report) are scheduled for Friday.
On the economic calendar in the coming week: The April Empire State Manufacturing Survey and the housing market index will be released on Monday; housing starts and industrial production for March on Tuesday; the weekly Energy Information Administration petroleum status report and the Federal Reserve's beige book on Wednesday; jobless claims and the Philadelphia Fed business outlook survey for April on Thursday, and existing home sales and the purchasing managers' index (PMI) for April on Friday.
President Trump is set to meet with Italian Prime Minister Paolo Gentiloni at the White House Thursday.
Kansas City Federal Reserve Bank President Esther George, Boston Federal Reserve Bank President Eric Rosengren, Federal Reserve Governor Jerome Powell, and Minneapolis Federal Reserve Bank President Neel Kashkari will speak at separate events during the week.