Earnings season is in full swing this week, at a time when investors may be hungry for company guidance. In addition to major banks such as JPMorgan Chase and Goldman Sachs, 27 S&P 500 companies are scheduled to report, including Netflix and Johnson & Johnson. These reports come amid a two-week ceasefire between the United States and Iran as they seek to end the Middle East war. Despite the conflict, analysts still expect a strong earnings season. First-quarter earnings for the S&P 500 are expected to rise 13% from a year ago, according to FactSet data. This is Benchmark’s sixth consecutive quarter of double-digit profit growth. To be sure, Wall Street will also be watching for clues and guidance on how companies can weather headwinds stemming from the war, such as rising energy prices. Always Eastern Time. On Monday, Goldman Sachs is scheduled to release earnings in the premarket. A conference call is also scheduled for 9:30 a.m. Last quarter: GS beat earnings estimates, driven by strong performance from its equity trading, asset and wealth management divisions. This quarter: The investment bank is expected to report double-digit revenue and revenue growth year-over-year, according to LSEG data. What CNBC is watching: Banking reporter Hew Song focuses on whether expected outstanding stock trading and a still-healthy M&A rebound can offset a late-quarter deal slowdown due to the war. What history shows: Goldman Sachs’ bottom line beats earnings estimates 87% of the time, according to Bespoke Investment Group. The stock has also increased after four of the past five releases. On Tuesday, Johnson & Johnson is scheduled to report earnings before the bell, followed by a conference call at 8:30 a.m. Last quarter: JNJ’s revenue exceeded expectations, in line with the company’s 2026 outlook. Current quarter: The pharmaceutical giant’s earnings per share are expected to decline slightly year over year, according to LSEG. What to watch: Johnson & Johnson enters this week’s report with momentum. Year-to-date, stocks are up 15%, while the S&P 500 is roughly flat. Could these numbers push the stock price even higher? Or will investors reduce their positions after the release? History shows us: According to Bespoke, J&J beats earnings estimates 95% of the time. Indeed, on average, stock prices rise by just 0.3% on the day of the settlement. JPMorgan Chase is expected to release financial results before the market closes. A conference call with management will then take place at 8:30 a.m. Last quarter: JPM’s revenue exceeded expectations thanks to strong trading revenue. This quarter: Analysts surveyed by LSEG expect earnings and revenue growth to be about 7%. What CNBC is watching: Hugh Song will focus on the bank’s ability to combine broad strengths in trading, investment banking and net interest income with stable credit, while keeping an eye on early signs of consumer softening and higher loan loss reserves, as Jamie Dimon tends to be more cautious than other CEOs. What history shows: According to Bespoke, JPMorgan Chase & Co.’s profits beat expectations 82% of the time. However, the stock price has fallen after the last three releases. Wells Fargo is scheduled to report earnings in the premarket, with a conference call scheduled for 10 a.m. Last quarter: WFC reported mixed fourth-quarter results, sending the stock down more than 4% on the day. Current quarter: Wells Fargo is expected to post more than 10% year-over-year earnings growth, according to LSEG. What to watch: Bank of America analyst Ebrahim Poonawalla thinks the report could give Wells Fargo a much-needed boost. “The stock appears to have been washed out,” he said in an April 6 note, adding, “At current valuations, the risk-reward selection is particularly compelling given the potential for lower rate cuts (net interest income), greater self-help potential for expense leverage (consumer banks), and higher returns on capital.” The stock price has fallen about 8% since the beginning of the year. History shows us this: Wells Fargo’s stock has struggled on earnings days recently, falling after three of the past four announcements. Citigroup is scheduled to report its financial results before the opening bell. Management will also hold a conference call at 11 a.m. Last quarter: C revenue exceeded expectations due to strong net interest income and lower loan loss reserves. This quarter: Citigroup’s bottom line is expected to increase more than 30%, according to LSEG. What to watch: Earlier this month, Barclays analyst Jason Goldberg raised his forecast for Citigroup’s first-quarter earnings, noting that the company’s investment banking and trading units should be strong catalysts for the bank. History shows us this: Citigroup stock has risen on four of the past five earnings days. On Wednesday, Bank of America is scheduled to report earnings before the bell. A conference call with analysts and management is also scheduled for 8:30 a.m. Last quarter: BAC’s revenue increased significantly due to strong net interest income and equity trading. Current quarter: Analysts expect the bank to report about 10% year-over-year profit growth, according to LSEG. What to watch: HSBC upgraded Bank of America stock to buy in late March, with analyst Saul Martinez writing: “Fixed asset repricing, outpacing balance sheet growth and capital optimization should enable mid-teens EPS growth and 320 basis points of (return on tangible common equity) from 2025 to 2028, assuming economic conditions do not deteriorate materially.” ROTCE is a measure used to evaluate a company’s profitability. History shows us: Bank of America’s profits beat expectations 81% of the time, according to Bespoke data. It’s true that stock prices, on average, fall slightly on earnings day. Morgan Stanley is expected to announce earnings in the premarket. Corporate leaders will then hold a conference call at 9:30 a.m. Last quarter: MS beat revenue estimates thanks to its wealth management division. This quarter: The banking giant’s revenue is expected to grow about 15% year over year, according to LSEG. What CNBC is watching: Hew Song will keep an eye on strong trading and asset activity to deliver results, while determining how market volatility and geopolitical shocks are extending trading schedules and fee growth. What history shows: Bespoke data shows Morgan Stanley’s earnings have exceeded expectations in every quarter since the beginning of 2023. On Thursday, Netflix is expected to release earnings after the close of trading. A conference call with management is also scheduled for 4:45 p.m. Last quarter: NFLX posted a narrow profit and reported a total of 325 million global subscribers. This quarter: Analysts surveyed by LSEG expect the streaming giant to post year-over-year profit growth of about 15%. What to watch: Goldman is bullish on Netflix ahead of the report, upgrading the stock from Neutral to Buy. Analyst Eric Sheridan said, “NFLX a) continues to lead the broader media industry in content acquisition and development (with increasing allocations to live entertainment, creator/user economy content, and gaming); b) “We believe the company is focused on a strategic roadmap to allocate capital to both parties (including the approximately $2.8 billion in merger termination fees received from PSKY) and a range of large multi-year capital returns to shareholders,” wrote analyst Eric Sheridan. History shows us this: Netflix stock has fallen after the company’s last three earnings releases, including a 10% drop following its third-quarter numbers.
