This Week in Business
A look at some of the key business events and economic indicators upcoming this week:
Bank results Bank of America reports its first-quarter financial results on Tuesday. The consumer banking giant’s latest earnings come on the heels of several bank failures in March and amid heightened concerns about a recession. Wall Street expects the bank to report almost no growth in quarterly profits. Higher interest rates during the quarter helped boost profits for other other banks, including JPMorgan Chase. Source:FactSet.
Housing health The National Association of Realtors releases its existing home sales report for March on Thursday. Sales of previously occupied homes surged in February to the fastest pace in six months and are expected to have remained strong in March. Mortgage rates have been dropping for five weeks, relieving some pressure on the housing market. Seasonally adjusted annual rate. October 4.44 million November 4.12 million December 4.03 million January 4.00 million February 4.58 million March (est) 4.44 million Source: FactSet
Credit check Credit card giant American Express reports its first-quarter financial results on Thursday. The company’s results could give Wall Street more insight into consumers’ credit and spending habits amid the squeeze from inflation and fears about a recession. During its fourth-quarter, the company set aside significantly more money to cover potentially bad loans and saw charge offs and delinquencies rise. Analysts forecast that AmEx’s profit dipped from a year ago.