We are done with the big banks and Big Tech. Now we get the real economy. Next week’s earnings calendar is a tug-of-war between the resilient service-spending consumer and the battered industrial/goods sector.
Here is the playbook for the week.
Walmart (WMT)
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Thursday (Before Open)
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If “General Merch” (electronics, clothes, home goods) is positive, the consumer is feeling confident. If growth is purely from Grocery (inflation-driven necessities), the consumer is gasping for air. On inflation, watch for comments on deflation in goods. If Walmart mentions “rolling back prices” aggressively to move inventory, that’s a disinflationary signal for the Fed (and bearish for margins).
2. DoorDash (DASH)
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Wednesday (After Close)
Everyone says the consumer is “stretched,” yet they are still paying $30 for a lukewarm burrito delivered to their door. If frequency holds up despite rising fees, it confirms that the “convenience economy” is inelastic. This is why services inflation (core PCE) refuses to die. A miss here would be the first real sign that the middle-class consumer is finally cutting discretionary “vices.”
John Deere (DE)
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Thursday (Before Open)
Management has already hinted that 2026 will be the “bottom” of the cycle and the market has taken that to heart with a huge run-up in the stock price lately. If they further guide for strength, it signals that the industrial recession is ending. If they cut guidance further due to “tariff uncertainty” or weak export demand, the global growth narrative takes a hit.
Palo Alto Networks (PANW)
Tuesday (After Close)
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Is AI sucking all the oxygen (and budget) out of the room? Is anything safe? Cybersecurity is usually the last thing companies cut and it should be growing due to AI threats. If Palo Alto shows “billings fatigue” or longer sales cycles, it means CIOs are slashing core budgets to fund their AI experiments. That is a warning sign for the broader software sector (IGV), which has already been suffering.
Analog Devices (ADI)
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Wednesday (Before Open)
Unlike Nvidia (AI), ADI sells chips for cars, factories, and 5G towers. This is the “old school” economy chipmaker. We need to hear that the “inventory correction” is over. If ADI says customers are finally restocking industrial chips, it’s a bullish signal for manufacturing.
6. Wayfair (W)
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Home builders quietly hit a record high on Friday on rate cut hopes. You don’t buy new furniture if you aren’t moving houses. Wayfair is a direct proxy for existing home sales, which were battered this week. Watch the Active Customer Count, this metric has been bleeding for quarters. If this stabilizes, it suggests the “housing freeze” is thawing and people are finally accepting 6% mortgage rates as the new normal. Opendoor (Thursday after close) is another housing proxy to watch.
Full run down:
Monday
US and Canadian markets are closed for holidays.
Tuesday
Before the open: Energy Transfer, Medtronic, SunCoke Energy
After the close: Hecla Mining, Palo Alto Networks, Cadence Design Systems, Devon Energy, EQT, SSR Mining, Toll Brothers, Kenvue, MKS Instruments, FirstEnergy
Wednesday
Before the open: Analog Devices, SolarEdge, Garmin, Moody’s, Liberty Global, ProPetro, Constellium, Verisk, Fiverr, ICL
After the close: Kinross Gold, Carvana, Coeur Mining, Pan American Silver, DoorDash, Figma, Royal Gold, Equinox Gold, eBay, Remitly
Thursday
Before the open: Walmart, First Majestic Silver, Quanta Services, John Deere, Lemonade, Klarna, Visteon, Wayfair, Endava, NICE
After the close: Opendoor, Transocean, Newmont, Akamai, CompoSecure, Live Nation, Sprouts Farmers Market, Texas Roadhouse, CentraGold, AXT
Friday
Before the open: AngloGold Ashanti, Telix Pharmaceuticals, Portland General Electric, PPL, Oil States International, FET (Forum Energy Technologies), Lamar Advertising, Hudbay Minerals, Western Union, Cogent Communications
This article was written by Adam Button at investinglive.com.
