What to Watch in the Day Ahead - Tuesday, April 30
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Amazon's topline is expected to rise 12%, with a 7% growth in its e-commerce business. The results would show momentum for its cloud unit AWS on the back of new AI functionality even as online shopping growth remains muted.
U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates. FOMC will announce its interest rate decision, followed by a statement the following day.
Burger chain McDonald's is expected to post a rise in first-quarter revenues owing to steady demand in Canada, Germany, and Britain and promotions. Investors will be on the lookout for comments on the sales impact of the Middle East conflict and a slowdown in China. Comments will also be sought on pricing and promotional strategy to battle spending pressures stemming from still-high inflation.
The Conference Board is expected to say its consumer confidence index likely came in at 104 in April, after a reading of 104.7 the previous month. The S&P CoreLogic Case-Shiller national home price index is expected to show a rise of 0.1% in February on a seasonally adjusted month-over-month basis after reporting a similar rise in the previous period. On a year-on-year basis, the index is likely to post a 6.7% rise in February, following a gain of 6.6% in the month before.
Advanced Micro Devices will report first-quarter earnings where analysts expect the company to record a 2% jump in revenue. Investors will focus on indicators of demand from the PC market and updates on the company's AI chips.
Coca-Cola is expected to post a rise in first-quarter revenue on the back of strong demand for its pricey Coke and Sprite as the soda giant benefits from consumers increasingly consuming food outside. Investors will look out for comments on volume growth, further price hikes, disruptions to business due to the conflict in the Middle East and a shift in consumer demand.
Starbucks is expected to post a rise in second-quarter revenue, helped by resilient demand for its coffee and cold drinks. Investors will watch out for comments on international demand and the impact of conflict in the Middle East on store traffic and sales.
Eli Lilly will report first quarter earnings before markets open. Investors will focus on supply updates for its popular diabetes drug Mounjaro and weight loss therapy Zepbound. The focus will also be on Lilly's Alzheimer's drug candidate, Donanemab, which is expected to be reviewed by a panel of experts by the US FDA.
PayPal is expected to report a rise in first-quarter profit as consumer spending holds up across income brackets. Investor focus is expected on executives' plans to expand revenue sources beyond economy-sensitive transaction volumes to more stable product-based offerings.
3M is expected to report a rise in first-quarter profit, compared to a year earlier helped by price hikes. Investors will be looking for any revision to its full-year forecast and recovery in consumer electronics demand in China.
Cadbury-parent Mondelez International is expected to post a rise in first-quarter revenue, helped by steady demand for its confectionery goodies, including Oreo biscuits and Toblerone chocolate. Investors will look for comments on the impact of the rise in cocoa prices, pricing actions, impact on demand and volumes, and cost-cutting measures taken by the company.
Ebay is expected to report a 0.8% rise in revenue, which could be its worst performance in the last five quarters.
Marathon Petroleum is expected to post a lower first-quarter profit due to a decline in refining margins. Investors and analysts will watch for commentary on summer travel demand, crude supplies, and refinery maintenance activities.
Chesapeake Energy is expected to report a fall in quarterly revenue as the gas producer struggled to offset persistently low natural gas prices.
Oil and gas firm Diamondback Energy is expected to report a rise in first-quarter profit, helped by higher oil prices. Investors and analysts will look out for comments on full-year growth expectations.
Archer-Daniels-Midland reports first quarter earnings as it faces a government investigation into accounting practices.
Pinterest is expected to post higher first-quarter revenue, helped by robust demand for advertising on the image-sharing platform. Investors and analysts will be looking for commentary about the San Francisco, California-based company's advertising deals with Google and Amazon. Earlier in April, Bernstein analysts said in a note that if Amazon and Google deals take longer to bear fruit like the data suggests and revenue growth lags larger peers, they could see some shine come off the name.
Super Micro Computer is set to report a 208% jump in third-quarter revenue on strong demand for its servers used in AI applications. Investors are looking for guidance on growth, the supply of chips used in servers, and how the company plans to improve margins.
Wells Fargo is scheduled to hold its 2024 annual shareholder meeting.
Molson Coors is expected to post a rise in first-quarter revenue, benefiting from price hikes and resilient demand for its core beer brands. Investors will look for comments on demand trends, margin recovery and any forecast the company provides.
Sirius XM is expected to report a fall in first quarter revenue as users cut back on subscriptions in a tough economy.
U.S. energy firm Public Service Enterprise Group is expected to post a fall in first-quarter profit, weighed down by the impact of weather in service areas.
Food distributor Sysco is expected to post a rise in third-quarter net sales on steady demand for its custom-cut meat and seafood. Investors will look for comments on pricing, demand, costs, and sales forecasts.
Natural gas pipeline operator Oneok reports first-quarter results. Investors will await commentary on how uptake of natural gas was during a lower price environment.
Industrial gas manufacturer Air Products and Chemicals reports Q2 results. Investors will watch for commentary on how its industrial gases segment performed in different geographies, particularly China.
Skyworks Solutions is expected to post a 9.3% fall in revenue in the second quarter, hurt by lower demand for its chips.
Microsoft's CEO Satya Nadella will visit Indonesia. He is scheduled to meet Indonesia's President, Joko Widodo, at the palace. After meeting the President, Nadella is scheduled to deliver a speech about AI development.
Statistics Canada is expected to report the monthly GDP figures. The economy likely expanded by 0.3% in February after increasing 0.6% in the previous month.
Restaurant Brands International is expected to post a rise in first-quarter revenue, helped by strong demand at its Burger King and Tim Hortons chains. Investors will watch for comments on consumer sentiment in China and international markets.
Mexico's statistics agency INEGI is scheduled to publish GDP data. Mexico's GDP likely grew 0.1% in the quarter, the same rate as in the previous quarter. At a yearly rate, GDP is expected to have grown 2.1%, below the 2.5% increase registered in the previous quarter. Brazil's unemployment rate is expected to rise 8.1% in March, after climbing 7.8% in the previous period, per the country's statistics agency IBGE. Separately, Chile's government statistics agency INE is scheduled to report unemployment rate likely rose to 8.7% in March, after gaining 8.5% in the month before. The country's copper output data is also on the tap.
Compiled by Shreya Sabharwal in Bengaluru; Editing by Tasim Zahid
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