What to Watch in the Day Ahead - Wednesday, July 17
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The Commerce Department's Census Bureau is expected to say housing starts likely rose to a seasonally adjusted annual rate of 1.300 million units in June, up from 1.277 million units in May. Building permits, meanwhile, is expected to have fallen to a rate of 1.395 units in June from 1.399 units in the previous month. Another report from the Fed is expected to show industrial production inched up 0.3% in June, compared with a 0.9% rise in May. Capacity utilization for the industrial sector is likely to come in at 78.4% in June, compared to 78.7% in May. Separately, the Federal Reserve is scheduled to issue the Beige Book.
Federal Reserve Bank of Richmond President Thomas Barkin is set to give informal remarks on the economy before the Greater Prince George's Business Roundtable. (0900 /1300) Also, Federal Reserve Board Governor Christopher Waller is scheduled to speak on the economic outlook before hybrid event hosted by the Federal Reserve Bank of Kansas City. (0935 /1335)
Johnson and Johnson will report second-quarter results before markets open. Investors will lookout for performance across the Medtech unit and the demand for top-selling drugs such as psoriasis drug Stelara. Any updates on annual outlook would also be looked out for.
United Airlines is expected to report a profit for the second quarter. However, the focus will be on the industry's pricing power after Southwest and American Airlines flagged discounting pressure.
Elevance Health will report second-quarter results before markets open. Investors will closely focus on medical costs for the insurer and comments around the demand trends for medical services. Color on the U.S. government's quality rates for medical insurers will also be of interest.
Kinder Morgan is expected to report a rise in second-quarter profit after the markets close. Investors will look out for commentary on LNG demand outlook and the potential increase in natural gas demand for electric generation associated with artificial intelligence operations, cryptocurrency mining and data centers.
Crown Castle is expected to report a fall in revenue in the second quarter, as telecom sector clients dial back on spending.
Citizens Financial is expected to see a drop in second-quarter profit due to weaker net interest income.
Asset and wealth manager Northern Trust is set to report its second-quarter results. The firm is expected to see a jump in profit thanks to higher fee income.
Synchrony Financial is set to report a fall in second-quarter profit, as the consumer banking firm is required to set aside more in rainy day funds to cover for potential credit defaults.
In Latin America, Brazil’s inflation, as measured by the IGP-10 price index, rose 0.82% in July, compared to a 0.83% gain in June.
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Reporting by Ananya Roy; Editing by Shreya Biswas
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