Companies that generate most of their sales in the U.S. had better revenue growth in the second quarter, and that trend could continue to be evident next week, when about a third of the S&P 500 companies report.
So far, companies with more than half of their sales in the U.S. have reported second-quarter revenue up an aggregate 4.6 percent, while those with less than half have grown only 1.6 percent, according to Thomson Reuters analyst Greg Harrison.
Analysts will be watching Netflix, Ryder, Ford, Eli Lilly and Harley-Davidson, all of which make a significant portion of their revenue in the U.S. and report earnings in the coming week.
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Apple, McDonald's, AT&T, Pfizer and Merck also report next week.
Wall Street is still in the early part of earnings season, but analysts at Barclays took an early read of some 16 percent of companies in the S&P 500 and found that earnings are becoming increasingly reliant on domestic demand.
For example, General Mills, Costco and Verizon, all of which generate more than 70 percent of revenues from domestic operations, reported above-average increases in revenue in the second quarter. Total second-quarter revenue for General Mills was up 8.5 percent year-over-year. Costco was up 8.0 percent, and Verizon rose 4.3 percent, according to Thomson Reuters.
Experts say a pickup in the U.S. economy is helping companies post higher revenue growth.
The U.S. market's appeal remains centered on the relative strength of its economy, "risk aversion among foreign investors that favors U.S. investments and the likelihood that any European economic recovery will continue to trail the U.S. by one to two years," said John Stoltzfus, Oppenheimer's chief investment strategist.