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Power Play: Earnings season will look like the last one

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

Earnings season starts in earnest in two weeks, but we may get a few clues on the state of the economy next week when PepsiCo and Yum Brands report quarterly results on Tuesday.

Bill Stone, chief investment strategist at PNC Asset Management tells CNBC's "Power Lunch"on Friday "it might be helpful to finally have more fundamental data to discuss rather than the macro fears from the Fed, China and policy."

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In terms of numbers, Stone believes Q3 earnings will be similar to what we saw in Q2.

"Sales poor but earnings much better excluding energy. Sales ex-energy are likely to remain uninspiring given the global economic picture," Stone said.

PepsiCo is down slightly during trading, while Yum Brands is up one percent.