May kicks off with a busy first week filled with earnings, monetary policy and a snapshot of the health of the economy. 

Apple (AAPL - Get Report) , the largest publicly traded company in the world, reports earnings on Tuesday afternoon in what has become a highlight of the reporting season. The company is seen as an industry bellwether and a measure of consumer sentiment, taking the pulse of how willing consumers are to spend on discretionary items. 

The iPhone maker is expected to post earnings of $2.02 a share in its fiscal second quarter, a 6.4% increase from the same quarter a year earlier. Sales are also expected to post growth, gaining 4.8% to $52.99 billion. First-quarter sales growth broke a worrisome losing streak after three quarters of revenue declines.

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Of the 57% of S&P 500 companies that have reported so far, 77% have exceeded analysts' earnings estimates, above the 64% historical average, according to Thomson Reuters. Nearly 65% of companies have bested revenue estimates, edging past the historical average of 59%.

The trend of weaker revenue could continue in the coming week with a particular emphasis on multinationals in the consumer and tech space.

Consumer and media earnings include Archer Daniels (ADM - Get Report) , Caesars Entertainment (CZR - Get Report) , Coach (COH) , CVS Health (CVS - Get Report) , Charter Communications (CHTR - Get Report) , Denny's (DENN - Get Report) , Etsy (ETSY - Get Report) , Hanesbrands (HBI - Get Report) , Match Group (MTCH - Get Report) , Mondelez (MDLZ - Get Report) , Potbelly (PBPB - Get Report)  and Weight Watchers (WTW) on Tuesday; Cheesecake Factory (CAKE - Get Report) , Clorox (CLX - Get Report) , Estee Lauder (EL - Get Report) , HSN (HSNI) , Kraft Heinz (KHC - Get Report) , Reynolds American (RAI) , Tesla (TSLA - Get Report) , Time Warner (TWX) , Yum! Brands (YUM - Get Report)  and Energizer (ENR - Get Report) on Wednesday; AMC Networks (AMCX - Get Report) , CBS (CBS - Get Report) , Dunkin Brands (DNKN - Get Report) , El Pollo Loco (LOCO - Get Report) , Hyatt (H - Get Report) , Kellogg (K - Get Report) , Shake Shack (SHAK - Get Report) , Herbalife (HLF - Get Report)  and Viacom (VIAB - Get Report) on Thursday; and Revlon (REV - Get Report) on Friday.

In tech and telecom earnings, Advanced Micro Devices (AMD - Get Report)  and Broadsoft (BSFT) will report on Monday; FireEye (FEYE - Get Report) , HCP (HCP - Get Report) , GoDaddy (GDDY - Get Report) , WebMD (WBMD) and Frontier Communications (FTR - Get Report) on Tuesday; Cirrus Logic (CRUS - Get Report) , Facebook (FB - Get Report) , Fitbit (FIT - Get Report) , Garmin (GRMN - Get Report) , IAC (IACI) , Sprint (S - Get Report) , Groupon (GRPN - Get Report) , Square (SQ - Get Report) , Tableau Software (DATA)  and 3D Systems (DDD - Get Report) on Wednesday; and Activision Blizzard (ATVI - Get Report)  and Zynga (ZNGA - Get Report) on Thursday.

In oil, materials and industrials earnings, Chemours (CC - Get Report)  and Diamond Offshore (DO - Get Report)  will report on Monday; BP (BP - Get Report) , Arch Coal (ACI) , Anadarko Petroleum (APC) , ConocoPhillips (COP - Get Report) , First Solar (FSLR - Get Report)  and FMC Corp (FMC - Get Report) on Tuesday; Murphy Oil (MUR - Get Report) , Southern Co. (SO - Get Report) , Transocean (RIG - Get Report) , Williams Cos. (WMB - Get Report)  and Yamana Gold (AUY - Get Report) on Wednesday; and Alleghany (ATI - Get Report) , Chesapeake Energy (CHK - Get Report) , Marathon Oil (MRO - Get Report)  and Statoil (STO) on Thursday.

Health and biotech earnings this week include Cardinal Health (CAH - Get Report)  and Tenet Health (THC - Get Report) on Monday; Aetna (AET) , Gilead Sciences (GILD - Get Report) , Becton Dickinson (BDX - Get Report) , Merck (MRK - Get Report)  and Pfizer (PFE - Get Report) on Tuesday; Humana (HUM - Get Report) on Wednesday; and Cigna (CI - Get Report) on Friday.

Finance earnings include Loews (L - Get Report) on Monday; Genworth Financial (GNW - Get Report) , MasterCard (MA - Get Report) , Western Union (WU - Get Report) and Allstate (ALL - Get Report) on Tuesday; AIG (AIG - Get Report) , Automatic Data Processing (ADP - Get Report) , Metlife (MET - Get Report)  and Western Union (WU - Get Report) on Wednesday; and HSBC (HSBC) on Thursday.

The U.S. jobs report for April, to be released Friday, dominates the economic calendar in the coming week. Analysts anticipate 193,000 jobs to have been added to the U.S. economy in April and for the unemployment rate to hold at 4.6%. Average hourly earnings are expected to grow 0.3%. The U.S. added 235,000 and 98,000 jobs over February and March, respectively, the first full two months under Donald Trump's economy. 

Also on the economic calendar in the coming week: personal income and outlays for March, the PMI manufacturing index and the ISM Manufacturing Index for April and construction spending for March will be released on Monday; the ADP employment report for April and the ISM non-manufacturing index for April on Wednesday; international trade for March, productivity and costs for the first quarter and factory orders for March on Thursday. 

The Federal Reserve will convene for its semi-monthly meeting on Tuesday with an announcement set for Wednesday afternoon. Members of the Federal Open Market Committee will assess recent mixed data and make a decision on interest rates. The majority of analysts do not expect a change in interest rates. 

The first week of the new month could test the market wisdom of "sell in May and go away." The saying refers to a general downward trend each May, though that hasn't held true in seven of the past 10 years. 

"The causa proxima for the demise of that axiom will likely be earnings as the secular bull market has transitioned from an interest rate, to an earnings-driven, secular bull market; and this quarter's earnings are no exception," said Raymond James' Jeffrey D. Saut. 

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