Monday

Monday Morning Earnings

The excitement starts nice and early on Monday morning with earnings from Goldman Sachs! The bank is expected to post $12.06B in quarterly revenue, setting the tone for the week's financial disclosures.

Broadcom Stock Split

Keep your eyes on semiconductor giant Broadcom during Monday’s session, marking the stock’s first day of trading after its 1-for-10 stock split. Previously inaccessible for day trading due to its $1000+ stock price, this split could bring some exciting opportunities for traders.

Economic Data Releases

A couple of economic data releases to watch kick off the week, including the July print for the NY Empire State Manufacturing Index at 8:30 AM. This metric reached a four-month high of -6 for June 2024, a marked improvement from the May reading of -15.6. Let's see if this index, which measures the change in business activity in the state of New York, continues to tick higher for July. Following that, we’ll have the 3-month and 6-month bill auctions at 11:30 AM, and the National Oilseed Production Association’s soybean crush report at 12 PM.

Kroger's Nourishing Change Conference

Keep an eye out for Kroger as well—the supermarket operator will be holding its Nourishing Change Conference from Monday to Wednesday, potentially offering new insights and developments in the retail sector.

Stocks To Watch: $AVGO, $KR, $GS

Tuesday

Bank Earnings Before the Bell

Tuesday brings another round of bank earnings before the bell, including reports from Bank of America, Morgan Stanley, and Charles Schwab. Notably, Morgan Stanley’s investment banking and fixed income revenues increased year-over-year in Q1 2024, though the company has guided flat net interest income for fiscal Q2. Analysts are anticipating $14.21B in revenue for the second quarter of 2024. Insurance giants UnitedHealth and Progressive are also set to report their earnings, adding to the financial sector's activity.

Retail Sales and Economic Data

A plethora of economic data is set for release at 8:30 AM, starting with retail sales data for June. Retail sales rose by 0.1% on a month-over-month basis in May 2024, and expectations are for a 0.3% increase in June. Additional retail-related reports include retail sales excluding autos and retail sales excluding gas and autos. We’ll also see the monthly and yearly changes in import and export prices, with import prices having risen by 1.1% in May 2024—their highest increase since December 2022—and expected to jump by 2.2% for June.

Business and Housing Data

Several more numbers to watch on Tuesday include the month-over-month change in business inventories for May and the month-over-month change in retail inventories excluding autos for May, both released at 10:00 AM. Additionally, the NAHB housing market index for July will be available. Later in the day, at 4:30 PM, the API crude oil stock change will be reported.

Earnings and Events After the Close

After the market closes, earnings reports from companies such as Interactive Brokers and J.B. Hunt will be in focus.

Stocks To Watch: $BAC, $MS, $M, $SCHW, $IBKR

Wednesday

Earnings Reports to Watch

Wednesday kicks off with another round of earnings reports from notable companies such as ASML, Johnson & Johnson, Elevance Health, and Ally Financial. ASML, a key semiconductor supplier, is in the spotlight as its results could significantly impact chip stocks. The company is anticipated to post a revenue of $6.35 billion, a figure that will be closely monitored by investors and market analysts alike.

Economic Data Releases

The day is packed with crucial economic data releases, starting at 7:30 AM with a series of reports from the Mortgage Bankers Association. These include the 30-year mortgage rate, mortgage applications, market index, mortgage refinance index, and purchase index. At 8:30 AM, preliminary building permits and the month-over-month change in building permits for June will be released. After a revision to 1.399M in May, building permits had reached a four-year low. However, analysts expect a slight uptick to 1.6M for June. Housing starts and the month-over-month change in housing starts for June will also be on the radar.

Industrial Production and Crude Oil Data

More data will follow at 9:15 AM with the month-over-month and year-over-year changes in industrial production and manufacturing production for June, along with June’s capacity utilization. At 10:30 AM, the EIA will release crude oil and gasoline stock changes. The day continues with the 17-week bill auction at 11:30 AM and the 20-year note auction at 1:00 PM. The last data release of the day is the Federal Reserve’s Beige Book at 2:00 PM.

Earnings Reports After the Bell

Post-market, investors will be eager to see earnings reports from United Airlines, which last quarter reported a smaller-than-expected loss per share and beat revenue estimates. For Q2 2024, analysts are looking for $15.14 billion in revenue. Other companies reporting after the bell include Las Vegas Sands, Alcoa Corp, and Discover Financial Services.

Stocks To Watch: $UAL, $LVS, $JNJ, $ASML, $AA

Thursday

Key Earnings Reports: Taiwan Semiconductor

Thursday morning is packed with earnings reports, with Taiwan Semiconductor (TSMC) at the forefront. Analysts have been optimistic about TSMC, with Morgan Stanley anticipating an upward revision in the company's fiscal 2024 forecast and JPMorgan highlighting a strong outlook for AI growth. The excitement is justified, given TSMC's impressive 32.9% year-over-year increase in June net revenue and a 28% increase for the first half of fiscal 2024. Investors will be keen to see if TSMC can exceed the consensus revenue estimate of $19.9 billion.

Economic Data Releases

At 8:30 AM, the Philadelphia Fed releases its July data, including the manufacturing index, business conditions, CAPEX index, employment, new orders, and prices paid. This will be followed by the Conference Board leading index's month-over-month change for June at 10:00 AM, and the EIA natural gas stock change at 10:30 AM. Important auctions to watch include the 4-week and 8-week bill auctions at 11:30 AM, and the 10-year treasury inflation-protected securities (TIPS) auction at 1:00 PM. Additionally, remarks from Fed’s Logan at 1:45 PM are expected to draw attention.

Tech Earnings After the Bell: Netflix

After the bell, the tech sector will take the spotlight with Netflix reporting its Q2 2024 earnings. During its Q1 2024 earnings release, Netflix announced that 2024 would be the last year for providing average revenue per user and quarterly membership updates, though memberships increased by 16% year-over-year to 269.6 million. Despite exceeding expectations for Q1 net income and revenue, Netflix’s forecasts for paid net additions and quarterly revenue fell short of estimates. The focus will be on whether Netflix can surpass the consensus revenue estimate of $9.52 billion for Q2. Intuitive Surgical and PPG Industries, both S&P 500 components, will also report after the market closes.

Additional Economic Updates and Fed Remarks

Post-market economic updates include the net long-term TIC flows for May at 4:00 PM and the Fed’s balance sheet at 4:30 PM. Fed Governor Bowman, known for his hawkish stance, is scheduled to speak at 7:30 PM. His recent comments suggesting potential rate hikes if inflation does not improve will be closely watched, making this a critical speech for market participants.

Stocks To Watch: $NFLX, $TSM, $QQQ

Earnings Reports to Close the Week: American Express

Friday morning sees a flurry of earnings reports, with American Express leading the charge. The credit card giant had a standout Q1 2024, boasting a 34% year-over-year profit increase and an 11% revenue rise to $15.8 billion. Analysts from Jefferies, Barclays, and Wells Fargo have all raised their price targets for the stock ahead of its Q2 report, where American Express is expected to post revenue of $16.53 billion. Additional earnings reports to watch include Schlumberger, Autoliv, Halliburton, and Fifth Third Bancorp.

Key Events and Fed Comments

Although there are no major economic data releases scheduled for Friday, keep an eye on comments from Fed's Raphael Bostic at 12:45 PM. As a voting member of the Federal Open Market Committee (FOMC), Bostic's remarks could provide insights into inflation trends and future interest rate decisions. At 1:00 PM, the Baker Hughes rig counts will be released, providing valuable data on the oil and gas industry.

Stocks To Watch: $NVDA, $AAPL, $AXP, $QQQ