Week ahead, April 6, 2026: DAL consensus EPS $0.64, March CPI, FOMC minutes converge

NEW YORK, April 5, 2026 — Wall Street faces its most data-intensive week of early Q2 2026 when markets reopen Monday, with a trifecta of macro catalysts — corporate earnings from the airline and consumer staples sectors, the March Consumer Price Index, and minutes from the Federal Reserve’s March policy meeting — compressing into a 72-hour window between Wednesday April 8 and Friday April 10. The convergence arrives as major indices remain under pressure, with the Dow Jones Industrial Average and the Nasdaq Composite each recently dipping into or near correction territory and the VIX elevated above 30, according to data from Yahoo Finance.

Against that backdrop, Q1 2026 earnings season unofficially kicks off for the transport sector with Delta Air Lines (NYSE: DAL) reporting before the opening bell on Wednesday, and Constellation Brands (NYSE: STZ) delivering its fiscal fourth-quarter results the same morning. Thursday adds the February PCE inflation print — the Federal Reserve’s preferred price gauge — before Friday closes the week with March CPI data and a preliminary University of Michigan consumer sentiment reading for April.

Earnings to watch: April 6–10, 2026

The earnings docket for the week ahead is relatively concentrated in Wednesday’s pre-market session, though it carries outsized significance as the first wave of Q1 2026 results from major consumer-facing and industrial names.

Delta Air Lines (DAL) — Wednesday, April 8, Before Open

Delta Air Lines (DAL) is gearing up for its Q1 earnings report on April 8, with analysts estimating a 39.1% year-over-year rise in EPS to $0.64. The Q1 consensus EPS estimate has been revised 11.1% downward over the past 60 days, with the revenue consensus pegged at $14.82 billion, indicating a 5.6% increase from Q1 2025 actuals.

In a mid-March pre-announcement, Delta raised its Q1 2026 revenue guidance to a range of $15.0 billion to $15.3 billion, reflecting a sharp acceleration in both consumer and corporate travel demand that surged through the first half of March and comfortably outpaced initial industry expectations. High fuel costs are expected to have weighed on the airline’s bottom-line performance in the March quarter, with the ongoing conflict in the Middle East resulting in a sharp jump in oil prices.

Management’s prior guidance set Q1 EPS at $0.50–$0.90 and an operating margin of 4.5–6%, both improving year-over-year; for full-year 2026, management targets EPS of $6.50–$7.50, representing approximately 20% growth at the midpoint. DAL has an impressive earnings surprise history, surpassing the Zacks Consensus Estimate in each of the trailing four quarters, with an average beat of 7.9%. Investors and analysts will scrutinise commentary on fuel cost pass-through, premium cabin demand, and the carrier’s exposure to Middle East route disruptions. For additional context on how the broader travel and consumer sector is navigating the current macro environment, see PreMarket Daily’s Good Friday roundup covering the most loaded Monday open of 2026.

Constellation Brands (STZ) — Wednesday, April 8, Before Open

Constellation Brands (NYSE: STZ) is scheduled to release fourth-quarter fiscal 2026 results on April 8, 2026, with the alcoholic beverage company expected to have recorded declines in its top and bottom lines; the Zacks consensus estimate for Q4 earnings is pegged at $1.73 per share, indicating a 34.2% decline from the year-ago quarter’s actual. The consensus estimate for revenues is pegged at $1.89 billion, suggesting a 12.6% decline from the prior-year quarter.

Evercore ISI added STZ to its Tactical Outperform list ahead of April 8 earnings, citing expected top-line upside and bottom-line leverage with a $170 price target, though key risks include recent depletions pressure on Modelo and tariff headwinds. Constellation’s core earnings engine is its imported Mexican beer portfolio, anchored by Modelo Especial; in Q3 FY2026, the Beer segment posted net sales of $2.01 billion with an operating margin of 38%, up 10 basis points year-over-year despite aluminium tariff headwinds. Full-year FY2026 comparable EPS guidance stands at $11.30 to $11.60, with free cash flow targeted at $1.3 to $1.4 billion.

TD SYNNEX (SNX) — Already reported April 1

TD SYNNEX (NYSE: SNX) reported non-GAAP earnings of $4.73 per share for the first quarter of fiscal 2026, which beat the Zacks Consensus Estimate by 45.24%, with the bottom line up 69% year over year. SNX’s revenues increased 18.1% year over year to $17.2 billion and beat the consensus mark by 10.4%. For the second quarter of fiscal 2026, TD SYNNEX guides to revenue of $16.1–$16.9 billion and non-GAAP diluted EPS of $3.75–$4.25. The results confirmed strong enterprise IT spending momentum and were referenced in previews of the week ahead. Full results and the Q2 guidance range provide a useful benchmark for the broader technology distribution sector heading into the week.

Economic calendar highlights: April 6–10, 2026

The February PCE report and the March CPI report highlight the economic calendar this week, alongside the minutes from the March Fed meeting. The week’s data gauntlet represents the most consequential domestic macro sequence since the March non-farm payrolls report landed on Good Friday into closed equity markets.

Monday, April 6 — ISM Services PMI (March), 10:00 a.m. ET

ISM Services PMI for March is due at 10:00 a.m. ET on Monday, April 6. The services sector PMI will be watched closely for any early signs of demand softening in the wake of energy price shocks and the wider geopolitical uncertainty stemming from the Middle East conflict. February’s CPI showed the all-items index at +2.4% year-over-year, with the services sub-components running hotter than goods. For a deeper look at the energy dynamics feeding into these data, see PreMarket Daily’s analysis of Iran’s claim of permanent control of the Strait of Hormuz.

Tuesday, April 7 — Durable Goods Orders preliminary (February), 8:30 a.m. ET; Consumer Credit (February), 3:00 p.m. ET

Preliminary durable goods orders for February are due at 8:30 a.m. ET Tuesday, followed by consumer credit data for February at 3:00 p.m. ET. Durable goods orders will be scrutinised for any evidence of front-loading ahead of tariff implementation, while consumer credit will offer a read on household balance-sheet resilience as gas prices have moved higher.

Wednesday, April 8 — FOMC Minutes (March 17–18 Meeting), 2:00 p.m. ET

The FOMC minutes from the March 17–18 meeting are scheduled for release on April 8. The minutes of regularly scheduled meetings are released three weeks after the date of the policy decision. Many members were already focused on existing inflationary pressures due to tariffs heading into the March meeting, making this release particularly significant for gauging the breadth of hawkish concern within the committee.

At the January meeting, central bank policymakers appeared widely in favour of keeping rates unchanged, with the Fed holding its key interest rates steady in a range between 3.5% and 3.75%, though participants were more divided on what should happen next with monetary policy. The March minutes are expected to reveal whether that division narrowed or deepened in response to the energy-driven inflation uptick of late Q1. CNBC’s full week-ahead calendar confirms the 2:00 p.m. ET Wednesday release time.

Thursday, April 9 — PCE Price Index (February), 8:30 a.m. ET; Initial Jobless Claims, 8:30 a.m. ET; Wholesale Inventories (February), 10:00 a.m. ET

The next release of Personal Income and Outlays, covering February 2026, is scheduled for April 9, 2026, at 8:30 a.m. EDT. The PCE Price Index excluding food and energy — known as core PCE — is released as part of the monthly Personal Income and Outlays report; it measures underlying inflation by stripping out volatile food and energy categories and is closely watched by the Federal Reserve as it conducts monetary policy.

The February PCE reading will be compared against January’s reported figure of +2.8% year-over-year (total) and +3.1% core year-over-year, levels that remain meaningfully above the Fed’s 2% target. Markets will parse both the headline and the personal income and spending sub-components for evidence of consumer resilience or fatigue. Initial jobless claims for the week ending April 4 are also due at 8:30 a.m. ET.

Friday, April 10 — March CPI, 8:30 a.m. ET; Michigan Sentiment preliminary (April), 10:00 a.m. ET

The Consumer Price Index for March 2026 is scheduled to be released on Friday, April 10, 2026, at 8:30 a.m. ET. It is the first incoming inflation data to reflect the impact of the energy shock emanating from the war in the Middle East between the U.S., Israel and Iran that effectively closed the Strait of Hormuz.

Overall, economists expect that consumer prices rose 0.1% on a monthly basis in March according to FactSet’s consensus estimates, which would reduce the annual inflation rate to 2.6% in March from 2.8% in February. Economists also expect core inflation, which excludes volatile food and energy prices, to have risen 0.3% on a monthly basis and 3.0% on an annual basis. That core year-over-year figure would represent a meaningful acceleration from the 2.5% reading posted for both January and February. Barclays Senior U.S. Economist Pooja Sriram forecast a four-basis-point acceleration for core CPI to 0.3% month over month and 2.7% year over year, noting the forward inflation path is highly dependent on conflict duration.

Markets still expect the central bank to maintain its wait-and-see approach to rate policy for the near term. Reuters coverage of the Fed’s current data-dependent posture reinforces that any upside surprise in March CPI would increase scrutiny of the May FOMC meeting. The preliminary University of Michigan consumer sentiment survey for April is also due at 10:00 a.m. ET Friday, which will provide an early read on household confidence against the backdrop of tariff uncertainty and equity market volatility. Also due Friday: average hourly earnings final for March and factory orders for February, rounding out a full data day.

Other market events

Options expiry

Standard monthly equity options expire on the third Friday of every month and carry the highest open interest for most underlyings. April’s standard monthly expiration falls on Friday, April 17 — not this week — but weekly options on SPX, SPY, and individual equities expire each Friday. Friday April 10 therefore carries a weekly options expiration concurrent with the CPI print, a combination historically associated with elevated intraday volatility in the first 90 minutes of trading as options market-makers reprice gamma exposure in response to the inflation data. In the immediate aftermath of a CPI release, U.S. Treasury yields can jump, with the 2-year note — highly sensitive to Fed policy expectations — responding within seconds of the 8:30 a.m. release.

Federal Reserve speakers

The Federal Reserve entered a period of elevated policy sensitivity ahead of the April 28–29 FOMC meeting. Federal Reserve staff generally do not speak publicly during the FOMC blackout period, which begins at midnight of the second Saturday preceding an FOMC meeting and lasts until midnight the full day following the meeting. The next blackout window for the April 28–29 meeting begins Saturday, April 18. Accordingly, Fed governors and regional presidents remain free to speak publicly throughout the week of April 6–10, and any remarks touching on the tariff-inflation nexus or the path of policy will receive heightened scrutiny given the approaching CPI and PCE data. A speech by Vice Chair Philip N. Jefferson is listed on the Federal Reserve’s April events calendar, and a discussion by Governor Michael S. Barr at the National Fair Housing Alliance 2026 Responsible AI Symposium is also scheduled. Any public commentary from voting members on inflation tolerance or the tariff transmission mechanism will be closely monitored by rates markets.

Market context

The stock market sell-off entering this week has been characterised as more orderly than severe, even as the Dow Jones Industrial Average and the Nasdaq Composite each dipped in and out of correction territory, and the S&P 500 approached correction territory. Against that backdrop, the CPI print, FOMC minutes, and Delta’s earnings guidance commentary will each function as independent price catalysts capable of moving markets in either direction depending on the magnitude of the data relative to consensus. MarketWatch’s live markets coverage will track real-time reactions to each release.

For market participants, the week’s tone will be set as early as Monday morning’s ISM Services PMI — the first domestic indicator of post-holiday Q2 demand — followed by the FOMC minutes and Delta earnings mid-week, before the week closes with the twin inflation prints that will most directly shape Federal Reserve rate-cut expectations for the remainder of 2026. Readers seeking context on the NFP beat that preceded this week can refer to PreMarket Daily’s Opening Bell coverage from April 3, 2026.