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Stephen Gallagher, head of research at Société Générale, told CNBC’s “ Closing Bell ” on Friday to watch consumer discretionary earnings for clues to the health of the economy.
Profit margins for consumer discretionary companies like the autos “probably faded a bit in the second quarter,” Gallagher said, but he expects to get indications about whether the consumer is holding up and gaining strength going into the third quarter.
He’s also watching financials. Citigroup, Bank of America, Morgan Stanley and Goldman Sachs will be reporting earnings. On Friday, mortgage originations and better credit quality helped Wells Fargo beat analyst expectations for the second quarter, while JPMorgan bested expectations despite a $4.4 billion trading loss .
Several regional banks will also be reporting next week, including BB&T, PNC Financial, Sun Trust and US Bancorp.
A handful of Dow components report, including Coca-Cola, General Electric and Verizon.
A complete earnings calendar can be found here .
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