What's been said so far
Just 5% of S&P 500 companies have reported so far but the numbers have been generally solid on the bottom and top line. RBC notes that 83% of them have beaten consensus on EPS and 75% have beaten on revenues, both at the high end of historical averages.
That said, all the focus is on what's coming next and that applies equally to the FX world. RBC notes that about 65% of those who have reported so far classified the backdrop as healthy.
"The cadence of demand was highly in focus during Q&A sessions in the last reporting season and talk of green shoots helped to calm investor fears about the economic backdrop. We think this issue will be in focus again in 2Q19 reporting season, but worry companies will be talking more about how the green shoots withered on the vine," they write.
One theme is that weakness is generally non-US, with Europe and China often highlighted along with industrial and autos.
"From a macro standpoint, it's clear that activity is slow," Fastenal executives said in their earnings call.
On the flipside, Delta Airlines was upbeat: "Domestic corporate and leisure demand remains strong," they said.
Watch for more commentary this week. Here is a glace at the reporting schedule:
