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US Earnings to Watch: Walmart, Target, Home Depot, Deere

Shoppers walk outside a Walmart store in San Leandro, California.

Shoppers walk outside a Walmart store in San Leandro, California.

Photographer: David Paul Morris/Bloomberg

Corporate America’s better-than-feared results, paired with cooling US inflation trends, may have offered some relief to equity investors this week, but the gains are masking earnings misses this season. The proportion of S&P 500 firms falling short of second-quarter EPS estimates so far hasn’t seen much improvement from last week’s 19.9%. As big-box retailers take center stage, this level could face more pressure when report cards from Walmart, Home Depot and Target surface, and Wall Street has been bracing itself over the past month and slashing earnings-per-share estimates. Bloomberg Consensus estimates have trended lower for nearly all companies in the S&P 500 Consumer Staples and Discretionary indexes that are reporting next week, with Bath & Body Works’ (BBWI US) profit projection getting cut by 24%.

Earnings highlights to look for next week: