ECONOMIC WEEK AHEAD: May 4-8

The week ahead is chock-full of labor market indicators. In addition, nine Talking Fed Heads on the Federal Open Mouth Committee are on the speaking circuit, with Williams, Bowman, and Goolsbee coming up twice. Despite the elevated oil prices, the stock market continues to levitate to new highs. The price of a barrel of West Texas Intermediate crude hit $110.10 intraweek and closed on Friday at $102.48. Brent crude hit as high as $120.65 during the week and closed at $108.72. The S&P 500 finished the week at another record high regardless.

The Q1 earnings reporting season is going strong. Roughly 44% of S&P 500 companies reported results last week. Big names scheduled to report this week include Palantir, AMD, McDonald's, and Arm. The industry analysts' consensus forecast for S&P 500 companies’ aggregate earnings growth in 2026 has climbed to 19.8%, well above the 11.7% and 13.6% figures posted in 2024 and 2025 (chart). The double-digit marathon should continue in 2027, with the analysts collectively forecasting a 17.5% gain. They certainly are in sync with our Roaring 2020s narrative!