Talking Numbers

The market’s next move

Talking Numbers

This is a big week for the markets. What levels should you be watching?

Brace yourselves because this is a very big week for the markets.

Stacks of economic data are coming out including home sales, consumer confidence, the GDP, auto sales, and the unemployment rate. As if that’s not enough, hundreds of companies will be reporting just about every day this week.

A little over half of the companies in the S&P 500 have reported their second-quarter financials so far. According to Thomson Reuters, 68% of reported earnings surprised Wall Street analysts. Meanwhile, 56% of revenue numbers came in above expectations. Overall, revenues have grown 1.6% while earnings are up 4.1%.

(Related: CNBC's Earnings Central)

However, those results haven’t been the same across the board for stocks in the S&P 500. Financials are leading the pack when comes to revenues, which are up 6.5%. Meanwhile, utilities are getting hit on their top lines; they are the only sector showing contracting revenues, down 7.7%. Financials are also top of the heap with earnings growth rates of 27% while utilities’ earnings are at the bottom, with contracting earnings falling 8.3%.

For those who take stocks seriously, the next few days are really serious as they wait to see how other companies report.

(Related: Dow recovers from 150-point drop to log 5-week win streak)

So, what are the levels to watch in the S&P 500 on such a big week?

We talk numbers with John Stephenson, portfolio manager at First Asset Investment Management, on the markets’ fundamentals. Abigail Doolittle, Technical Strategist at The Seaport Group, looks at technical levels on the S&P 500 index.

Where do they stand? Watch Stephenson and Doolittle analyze the market in the video above.

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