What to Watch in the Day Ahead - Thursday, August 8
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The Labor Department's weekly jobless claims report will be widely watched by investors after weaker-than-expected July jobs data last week fueled to a stock market rout. The report for the week ended August 3 is likely to show initial claims for unemployment benefits rose to 240,000, compared with 249,000 reported in the previous week. Continued jobless claims is expected to come in at 1.870 million for the week ended July 27, compared with 1.877 million in the previous week. Separately, wholesale inventories likely remained unchanged at 0.2% in June.
U.S. drugmaker Eli Lilly is scheduled to report second-quarter results before markets open, where investors would closely focus on sales and supply-related updates for its blockbuster diabetes drug Mounjaro and obesity drug Zepbound. Any updates about the launch of its recently approved Alzheimer's drug donanemab/Kisunla will also be of interest. Separately, Novavax is slated to report its second-quarter earnings. Investors are likely to look at the company's forecast for the fall COVID-19 vaccination demand as well as management commentary on their COVID-influenza combination vaccine trials. Additionally, Gilead Sciences is slated to release its second-quarter results. Investor focus will be on the demand for its cancer drugs and HIV products. The company is also expected to comment on its HIV drug, lenacapavir, and liver disease drug seladelpar that is eyeing an FDA approval later this year.
Richmond Fed President Thomas Barkin is scheduled to speak before a National Association for Business Economics webinar. (1500 /1900)
News Corp is expected to post higher fourth-quarter results, likely to be driven by a surge in digital subscriptions at business information unit Dow Jones.
Paramount Global is expected to report a fall in revenue in the second quarter as advertisers cut back on spending in an uncertain economy.
Trade Desk is likely to post a jump in second-quarter revenue as demand for ads from some sectors grow.
In Latin America, Mexico's national statistics agency is expected to report headline inflation for July likely rose to 1.02% from 0.38% in June. In the 12 months through July, inflation is expected have increased to 5.57%. The country's core inflation likely gained 0.29% in July, compared to a 0.22% rise in June. The country's July producer prices index (PPI) data is also due. Separately, Chile's inflation likely rose to 0.63% in July, after dropping to 0.10% in June. Argentina's industrial output data for June is slated for release. Meanwhile, Mexico and Peru's central banks are expected to keep their benchmark interest rates unchanged when announcing their respective policy decisions.
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Michael Ashley Schulman, CIO of Running Point Capital, a New York-based multifamily office, will run through equity and credit market scenarios post-Presidential and Congressional elections. (1100/1500) To join the discussion, email us here
Compiled by Dhanya Manjunath Hegade in Bengaluru; Editing by Shreya Biswas
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