Stocks at lowest level since May, here's what to expect next week

Next week is all about earnings and markets according to Yahoo Finance senior columnist Michael Santoli and correspondents Jeff Macke and Shibani Joshi. Here’s what you should be looking out for.

Media company earnings

Time Inc. (TIME), Time Warner (TWX), Disney (DIS), Liberty Media (LMCA) and more all report next week.

“The reason I find this interesting is that this groups held up slightly better than the market in this little turbulence we’ve had and I think the fact that we have this huge pending potential merger on the table with Fox and their outstanding bid for Time Warner that’s been declined is very interesting,” says Santoli.

Santoli will be keeping a close eye on what reporting companies have to say about digital ad trends. “We see Facebook putting up huge numbers and the question is how big is the pie for everybody?”

Retail earnings

Michael Kors (KORS), Coach (COH) and Ralph Lauren (RL) are among the high-end retail brands that report next week.

“We got that great reading on GDP last week and one of the big bumps was in consumer spending,” says Joshi. “This middle-tier, higher-tier group is really under pressure so we’ll see if we get some of that trickle down effect.”

Michael Kors has been the darling of Wall Street, says Joshi. She’ll be watching to see if it can continue the trend when it reports.

Market Correction?

Stocks ended the week at their lowest levels since May 2014, so will this downswing continue?

Expect more next week says Jeff Macke. “This market has not been tested in so long, we saw a little whisper of that but I’d like to see how the market responds if we got that correction everybody claims they want.”

Macke says to keep an eye out for the S&P 500 (^GSPC) hitting 1,800. “That’s when I’d want to put cash to work in stocks if and when it happens.”

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