U.S. markets, returning to action after the Independence Day holiday, are unlikely to produce enough good news over the next couple of days to give investors anything to cheer about.

A case in point. A new Chinese government requirement forcing foreign entities to request permission to export gallium and germanium threw a chill over Asian and European markets Tuesday, and the effect was spilling over into U.S. markets Wednesday. China produces 80% of the world’s gallium and 60% of the world’s germanium, minerals critical for manufacturing chips and solar panels. All three major U.S. indexes were off to a losing start Wednesday morning.

On the earnings front, there is just one report due this week, from Levi Strauss & Co. (NYSE: LEVI), and it comes after markets close on Thursday.

The apparel maker has seen its stock decline by nearly 21% over the past three months, largely due to a warning when the firm released first-quarter results in April. The stock posted its year-to-date high in early February and its 52-week high back in August. Margins would be compressed, the company said, because costs were rising and inventory was elevated. In April, Levi Strauss reported inventory levels were 33% higher than in the year-ago quarter and margins were down 360 basis points.

What the company has to say about the last half of its 2023 fiscal year will carry more weight with investors than will the quarterly results.

Analysts remain modestly bullish on the stock, with six of 12 rating the shares at Buy or Strong Buy and six more having Hold ratings. The median price target of $18.50 is 28.4% higher than the current trading price near $14.30. At the high price target of $24.00, the implied upside is nearly 68%.

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For the second quarter of fiscal 2023, analysts are forecasting sales of $1.34 billion, which would be down 20.8% sequentially and by 8.8% year over year. Adjusted EPS are forecast at $0.03, down 91.2% sequentially and nearly 90% lower year over year. For the full fiscal year ending next February, analysts expect EPS of $1.29, down 13.8%, on sales of $6.33 billion, up 2.6%.

Levi Strauss stock trades at 11.1 times expected 2023 EPS, 9.9 times estimated 2024 earnings of $1.45 and  8.9 times estimated 2025 earnings of $1.62 per share. Its 52-week trading range is $12.80 to $20.49. The company pays an annual dividend of $0.48 (yield of 3.31%). Total shareholder return for the past year is negative 7.36%.

U.S. markets opened lower Wednesday morning, with the Dow down about 0.5%, the S&P 500 down 0.4% and the Nasdaq down about 0.3%. Levi Strauss opened down about 1.8% at $14.14.

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