Monday

Kicking Off the Week: Monday's Highlights

The earnings start nice and early on Monday with big names like Verizon and Truist Financial leading the way. Then, at 8:30 AM, we'll see the release of the Chicago Fed National Activity Index for June. This metric, which hit a three-month high of 0.18 in May 2024, is expected to climb even higher to 0.3 for June. Following that, at 11:30 AM, the four-month and eight-week bill auctions are scheduled, adding more excitement to the morning.

Post-Bell Earnings: Monday Afternoon

As the trading day winds down, another wave of earnings reports will roll in after the bell. Look out for updates from Cleveland-Cliffs, SAP, Nucor, and NXP Semiconductors. Keep a close eye on NXP Semiconductors, in particular, as the Dutch chipmaker is expected to report $3.13 billion in quarterly revenue, potentially sparking some significant moves in the semiconductor sector.

Stocks To Watch: $CLF, $NXPI, $VZ

Tuesday

Spotify Reports Mixed Results

Tuesday begins with Spotify's latest earnings report, last quarter the music streaming giant exceeded expectations for earnings per share and revenue. However, its monthly active user count of 615 million fell short of street estimates of 618 million. Analysts from Jefferies and Wolfe Research offered optimistic outlooks prior to the report, contrasting with Redburn Atlantic's downgrade to a Sell rating. All eyes are now on whether Spotify can meet or surpass the consensus revenue estimate of $4.07 billion.

Major Earnings and Economic Data Ahead

Several key players are set to release earnings on Tuesday morning as well, including GE Aerospace, UPS, General Motors, Comcast, and Coca-Cola, a favorite of Warren Buffett. At 10 AM, economic indicators such as existing home sales for June, expected to rise to 4.25 million, and the Richmond Fed manufacturing and services indices for July, will also be closely watched. Additionally, the 2-year note auction and June money supply figures are scheduled for 1 PM.

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.

After-Hours Reports: Tesla and Alphabet

Following the market close, attention turns to Tesla and Alphabet. Tesla, amidst recent volatility, aims to rebound with expectations set at $25.1 billion for Q2 2024 revenue. Alphabet, fresh from announcing a significant buyback program and dividend, will strive to meet or exceed revenue projections of $70.55 billion for the quarter.

Additional After-Hours Reports

Visa, Enphase, Mattel, Texas Instruments, Capital One Financial, and Chubb Corporation are also scheduled to report after the bell, with Chubb making its first earnings release since becoming a notable Berkshire Hathaway holding.

Stocks To Watch: $TSLA, $GOOGL, $V, $MAT, $TXN

Wednesday

Morning Earnings: AT&T in Focus

Investors are gearing up for a busy Wednesday as another round of earnings reports takes center stage. Notable companies reporting before the market opens include NextEra Energy, Vertiv, Lamb Weston, and AT&T. AT&T's report is particularly intriguing given the recent data breach affecting 110 million customers. Analysts anticipate AT&T to report quarterly revenue of $30.39 billion, and investors will be keen to see how the company addresses the cybersecurity incident and its potential impact on operations.

Economic Data Deluge

The day also brings a flurry of economic data releases. At 9:45 AM, S&P Global will release flash prints for composite, manufacturing, and services PMI for July. At 10:00 AM, new home sales data for June will be unveiled, following May's 11.3% drop to a 6-month low of 619,000 homes. The EIA crude oil and gasoline stock changes will be reported at 10:30 AM, followed by various Treasury auctions throughout the day.

After-Hours Earnings: Chipotle's Split Debut

After the closing bell, earnings reports will continue to roll in. Chipotle's first post-stock split earnings will be closely watched, with analysts expecting quarterly revenue of $2.87 billion. The company faces scrutiny over portion sizes and a recent stock downtrend. Other notable companies reporting after hours include IBM, Ford Motor Co, ServiceNow, and Whirlpool, rounding out a day packed with market-moving events.

Stocks To Watch: $IBM, $CMG, $T, $F

Thursday

Morning Earnings: Travel Stocks in the Spotlight

Keep an eye on travel stocks on Thursday with both American Airlines and Southwest Airlines set to report before the bell. Analysts are looking for $14.49 billion in revenue from American and $7.47 billion from Southwest. Other companies on the docket include consumer brands Hasbro and Keurig Dr. Pepper, as well as healthcare heavyweights Abbvie and AstraZeneca.

Key Economic Data Releases

So many economic data releases are scheduled for 8:30 AM on Thursday, chief among them the advanced quarterly GDP growth rate for Q2. The US GDP grew by 1.4% in Q1 2024, and this first Q2 print is expected to show growth of 1.5%. We’ll also get the advanced quarterly change in GDP sales and the GDP price index for Q2. Durable goods orders are also on watch, with analysts expecting a 2.1% month-over-month rise for June, well above the 0.1% increase in May. Additional releases include the advanced month-over-month change in retail inventories ex autos for June, the advanced quarterly change in PCE prices and core PCE prices for Q2, the advanced quarterly change in real consumer spending for Q2, non-defense goods orders ex air for June, and initial jobless claims for the week ending July 20.Q1 GDP graphic

After-Hours Earnings: Roku and More

Also after the close are earnings reports from names like Roku, Dexcom, Skechers, Texas Roadhouse, and Juniper. Roku, which has an 8.3% short float, could be one to watch out for. The company posted a smaller-than-expected loss per share and beat revenue estimates with its last report, and its Q2 net revenue guidance of $935 million exceeded estimates of $931.42 million. Analysts are expecting Roku to post losses of $0.45 per share and revenue of $935.29 million for Q2 2024.

Stocks To Watch: $ROKU, $SKX, $QQQ, $HAS

Morning Earnings: Healthcare and Industrial Giants

Friday kicks off with one last round of earnings for the week, featuring reports from major companies such as Bristol Myers Squibb, 3M, Charter Communications, and Booz-Allen-Hamilton. Investors will be closely watching Bristol Myers Squibb, which is expected to release its Q2 2024 earnings report, with analysts forecasting an EPS of $1.75.

Key Inflation Data: PCE Report

A crucial inflation report is set to be released at 8:30 AM, featuring the PCE (Personal Consumption Expenditures) data for June. This report is significant as the PCE index is the Federal Reserve's preferred inflation gauge. Analysts are expecting the PCE to remain flat on a month-over-month basis and rise by 2.5% year-over-year. This follows May's year-over-year PCE print of 2.6%, down from April's 2.7%, indicating a potential continuation of gradual easing in inflation. The report will also include core PCE data and changes in personal income and spending for June.PCE y/y graphic

Consumer Sentiment: Final July Reading

At 10:00 AM, the final Michigan consumer sentiment print for July will be released. The preliminary reading came in at 66, below June's 68.2 and the lowest since November 2023. This final print will provide insights into consumer confidence and expectations. Additional data to be released includes the final July prints for current and five-year inflation expectations, consumer expectations, and current conditions.

Stocks To Watch: $SPY, $QQQ, $MMM, $BMY