What's the Next Driver for U.S. Stocks After Earnings? [Learn Premium Weekly Review]

This week, the U.S. stock market only has four trading days. As the Q1 earnings season comes to a close, the market focus is shifting back to monetary policy trends. Factors influencing monetary policy include economic growth, inflation, and employment. Here are two key data points to watch this week:

- The Conference Board CCI (Consumer Confidence Index) unexpectedly rose, suggesting that consumer spending might remain strong, which could dampen the expectations for interest rate cuts.

- Q1 GDP revision showed a growth rate of 1.3%, down from an initial 1.6%. Notably, the PCE (Personal Consumption Expenditures) growth slowed to 2.0% from the initial 2.5%.

These data points seem contradictory, and such mixed signals often lead to market volatility. Additionally, this week saw another poor U.S. Treasury auction, with yields spiking again. The U.S. government also imposed restrictions on Nvidia and other chipmakers from selling AI chips to the Middle East, causing chip stocks to take a significant hit.

We also have April's PCE data coming out this week, a key inflation indicator favored by the Federal Reserve. The market is keen to see if this data will show signs of cooling inflation.

As Q1 earnings season wraps up, we reviewed the earnings reports of the seven giants in the U.S. stock market.

Here's a one-sentence summary for each:

JPMorgan Chase currently has a PE ratio of around 12x, which is in line with other large U.S. banks. However, its PB ratio stands at 1.8x, making it the highest among all bank stocks and significantly above its peers. From a technical perspective, the stock price remains in an upward trend with strong support from the Bollinger Bands despite some pullback. What’s next for JPMorgan? Click the image for more details.