U.S. stocks were little changed Friday, after the Dow and S&P 500 closed at record highs in the previous session, as investors weighed better-than-expected earnings reports from JPMorgan Chase & Co (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC).
Jason A. Weisberg of Seaport Securities discusses next week's economic events which include China's second-quarter GDP, U.S. retail sales data for June and highly anticipated bank earnings from Citigroup Inc. (NYSE: C), Goldman Sachs Group Inc. (NYSE: GS) and Bank of America Corp. (NYSE: BAC).
China is preparing to announce second-quarter gross domestic product (GDP) numbers on July 15, and economists surveyed by Bloomberg expect the economy to grow 7.5 percent in the three months from April through June, down from 7.7 percent growth the previous quarter.
U.S. retail sales for June are scheduled for release on Monday. Retail Sales in the U.S. increased more than forecast in May and rose 0.6 percent, beating Reuters’ estimates of a 0.4 percent increase and following a 0.1 percent increase in April.
On the earnings front, Citigroup Inc. (NYSE: C) is expected to report second-quarter EPS of $1.17 on revenue of $19.76 billion, compared with a profit of $1.00 a share on revenue of $18.64 billion in the year-ago period, according to earnings per share and revenue estimates from Reuters.
Investment bank Goldman Sachs Group Inc. (NYSE: GS) is forecast by Reuters to report second-quarter EPS of $2.82 on revenue of $8.03 billion, compared with a profit of $1.78 a share on revenue of $6.63 billion in the year-ago period.
Bank of America Corp. (NYSE: BAC) is expected to report second-quarter EPS of 25 cents on revenue of $22.82 billion, compared with a profit of 19 cents a share on revenue of $21.97 billion in the year-ago period, according to analysts polled by Reuters.