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The Week Ahead: July 29-August 2
Prepare yourselves for what’s setting up to be a wild week for the markets! Not one but four Magnificent Seven names are scheduled to report over the course of the week, and we’ll also hear from semiconductor heavyweights, consumer brands, and cruise lines! If that wasn’t enough, there’s also a ton of economic updates on watch, including the July FOMC meeting and interest rate announcement, and July non-farm payrolls. According to the CME Fed Funds Tool there is still a 93% chance we won’t see the Federal Open Market Committee move on rates this meeting but markets will key in on any hints from Fed Chair Powell on when cuts will begin. These updates could provide crucial insights into the economic outlook and influence market sentiment.
MondayTilray and On SemiconductorBefore the bell on Monday, Tilray and On Semiconductor are set to release their earnings reports. Tilray’s report could inspire a move in cannabis stocks, with analysts expecting $225.65 million in revenue. On Semiconductor, a key player in the semiconductor industry, could influence the chip sector with anticipated revenues of $1.73 billion. McDonald'sFast food giant McDonald’s will also report its earnings on Monday morning. Investors will be looking for insights into the company's performance amid changing consumer habits and economic conditions. Dallas Fed Manufacturing IndexOn Monday, the Dallas Fed manufacturing index for July will be released at 11 AM. This index provides valuable insights into the manufacturing sector's health in the Dallas area, which can be a bellwether for broader economic trends. Treasury Auctions and EstimatesAt 11:30 AM, the 3-month and 6-month bill auctions will take place, followed by the treasury refunding financing estimates at 3 PM. These events are crucial for understanding the government's borrowing needs and the overall economic outlook. Nvidia and Meta Fireside ChatsKeep an eye on Nvidia and Meta during Monday’s session. Jensen Huang, CEO of Nvidia, and Mark Zuckerberg, CEO of Meta, are set to partake in a fireside chat at the Siggraph conference. Additionally, Jensen Huang will have another fireside chat with Lauren Goode, senior editor of Wired, discussing the role AI and graphics will play in the new computing era. Stocks To Watch: $NVDA, $META, $MCD, $ON |
TuesdayEarnings Bonanza: PayPal, SoFi, and MoreTuesday brings a flurry of earnings reports, with PayPal taking center stage before the market opens. Despite recent analyst disagreements - a downgrade from William Blair and an upgrade from Susquehanna - analysts anticipate $7.7B in revenue for PayPal's Q2. SoFi is also set to report, with expected quarterly revenue of $563.14 million. Other notable companies reporting include Pfizer, Procter & Gamble, JetBlue, Phillips 66, and Corning. Economic Data WatchA slew of housing and labor data is on the docket. The S&P/Case-Shiller home prices for May and the house price index will be released at 9 AM. The highlight comes at 10 AM with the JOLTS job openings for June, expected to rise to 8.35M from May's 8.14 million. Other key releases include JOLTS job quits, CB consumer confidence, and various Fed speakers. After-Hours Tech Fireworks!Post-market, all eyes will be on Microsoft and Advanced Micro Devices (AMD). Microsoft aims to beat the $64.16 billion revenue estimate following strong fiscal Q3 results. AMD, despite forecasting $4B in AI chip sales for fiscal 2024, faces pressure to surpass the $5.71 billion revenue expectation for Q2. Additional After-Hours ReportsOther notable companies reporting after the bell include Starbucks, Arista Networks, Pinterest, First Solar, Caesar's, Electronic Arts, Match Group, and Live Nation. Starbucks has garnered attention due to rumors of activist interest, while Live Nation continues to navigate challenges from data breaches and a DOJ lawsuit. Stocks To Watch: $MSFT, $AMD, $FSLR, $PINS, $SBUX, $PYPL, $SOFI |
WednesdayBoeing's Crucial Earnings ReportWednesday opens with Boeing's highly anticipated earnings report. The aerospace giant, recently agreeing to plead guilty to fraud related to fatal 737 Max crashes, faces scrutiny after a 27% year-over-year drop in June's commercial jet deliveries. Analysts estimate $17.93 billion in quarterly revenue. Pre-Market Earnings LineupAlongside Boeing, several other notable companies are set to report before the bell. Investors should watch for results from Kraft Heinz, Altria, Cameco, Humana, Wingstop, Norwegian Cruise Lines, and recent S&P 500 addition KKR. Key DataWednesday brings a flood of economic updates. Key releases include the July ADP employment change, Q2 employment cost index, and the Treasury refunding announcement. The Chicago PMI for July and June's pending home sales changes will also be revealed. Here Comes The FedThe day's most significant event is the Federal Reserve's interest rate decision from the July FOMC meeting at 2 PM. The Fed Funds Tool is still showing a greater than 90% chance of no move on rates yet from Powell, comments will be heavily scrutinized with market participants eyeing a potential September cut. Fed Chair Jerome Powell's press conference at 2:30 PM will be crucial. After-Hours Tech EarningsPost-market, attention shifts to Meta Platforms' earnings report. The tech giant, coming off a strong Q1 with a 27% year-over-year revenue increase, faces expectations of $37.72 billion in revenue. Investors will be keen to see if Meta can meet or exceed these estimates and provide positive guidance for the coming quarters. Semiconductor Sector SpotlightSeveral semiconductor companies are also reporting after hours, including Arm Holdings, Qualcomm, Western Digital, and Lam Research. These reports will provide valuable insights into the state of the tech hardware industry. Additionally, keep an eye on results from Albemarle, Etsy, Riot Blockchain, Ebay, and Carvana, with the latter receiving positive analyst notes ahead of its report. Stocks To Watch: $ARM, $META, $CVNA, $EBAY, $BA, $QQQ, $SPY |
EVEN MORE Earnings Before the Bell on Thursday!Get ready for a busy Thursday morning as we digest earnings reports from major companies like Royal Caribbean Cruise Lines, Crocs, Moderna, ConocoPhillips, Wayfair, Hershey, and SiriusXM. Notably, Royal Caribbean, Crocs, Moderna, and Wayfair have short floats exceeding 5%, which could lead to some exciting market moves. Key Economic Data ReleasesThroughout the day, several critical economic data points will be released. Initial jobless claims for the week ending July 27. At 9:45 AM, the final S&P Global manufacturing PMI print for July will be announced. At 10 AM, watch out for the ISM manufacturing PMI for July, along with ISM manufacturing new orders, employment, prices for July, and the month-over-month change in construction spending for June. Major Earnings Reports After the BellAfter the bell, two of the biggest names to watch are Apple and Amazon.com. Apple’s last report was impressive, beating EPS and revenue estimates and announcing a record-setting $110 billion share buyback program, despite a 10% year-over-year drop in iPhone sales. Analysts are looking for $83.16 billion in revenue for fiscal Q3. Amazon’s previous earnings report also exceeded expectations, with strong growth in Amazon Web Services and advertising revenue. The company is expected to post $148.47 billion in Q2 revenue. Additional Earnings to WatchIntel is expected to post $13 billion in Q2 revenue. Additionally, keep an eye on earnings from Marathon Digital, Coinbase, Cloudnet, DraftKings, Block, Snap, Airbnb, Booking Holdings, and Roku. Stocks To Watch: $ROKU, $AAPL, $AMZN, $INTC, $QQQ, $DKNG, $SQ, $SNAP, $ABNB |
Friday
MASSIVE Economic Data Print!This Friday, all eyes will be on the non-farm payrolls (NFP) report for July, set to be released at 8:30 AM. In June, the US economy added 206,000 jobs, although April and May figures were revised downward by a combined 111,000 jobs. For July, NFPs are expected to show the addition of 190,000 jobs. Additionally, the unemployment rate for July is anticipated to remain steady at 4.1%. Additional Economic IndicatorsLater in the day, at 10 AM, we will receive the month-over-month changes in factory orders for June and factory orders excluding transportation for June. The Baker Hughes rig counts will be released at 1 PM, providing further insights into the energy sector. Earnings Reports to WatchBefore the bell, earnings reports from energy giants Exxon Mobil and Chevron are due. These reports will provide valuable information on the performance of the energy sector amid fluctuating oil prices and global economic conditions. Stocks To Watch: $SPY, $QQQ, $XOM, $CVX |