What to Watch in the Week Ahead and on Monday, August 5
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ON MONDAY
The Institute for Supply Management's non-manufacturing PMI number is likely to show the sector expanded in July with an expected reading of 51. The index stood at 48.8 in the previous month. Additionally, the final July numbers for S&P Global's services and composite PMIs are also due.
Federal Reserve Bank of San Francisco President Mary Daly is scheduled to discuss monetary policy and economic trends during a moderated conversation hosted in partnership with the Hawaii Executive Collaborative. (1700/2100) Meanwhile, Federal Reserve Bank of Chicago President Austan Goolsbee is due to be interviewed on CNBC's Squawk Box. (0830/1230)
EV maker Lucid is expected to report a jump in second-quarter revenue after it reported better-than-expected deliveries for the quarter. Investors are keen to hear more about Lucid's Gravity SUV, plans for a less expensive vehicle, and its profitability goals.
In Latin America, Brazil's S&P Global Services and Composite PMIs for July are also on the investors' radar.
REST OF THE WEEK
Walt Disney is scheduled to report its third-quarter earnings on Wednesday. The company is expected to see a rise in revenue helped by a strong performance of animated releases like "Inside Out 2." Separately, Warner Bros Discovery is expected to report a fall in revenue in the second quarter on Wednesday, hurt by weak performance at its studio segment. Also, Fox Corp is expected to report a drop in their fourth-quarter advertising revenue on Tuesday, as advertisers cut spending on its television networks due to an uncertain economy. Additionally, on Wednesday, The New York Times is expected to report a rise in second-quarter revenue, aided by an increase in customer sign-ups to its bundle offerings and a rise in advertising revenue. Meanwhile, News Corp is expected to post higher fourth-quarter results on Thursday, likely to be drive by a surge in digital subscriptions at business information unit Dow Jones.
Heavy machinery maker Caterpillar is expected is report a year-over-year fall in second-quarter profit on Tuesday, as it continues to see moderation in product stocking at its dealers amidst a cooling machinery demand environment.
U.S. drugmaker Eli Lilly is expected to report its second-quarter results on Thursday before markets open. Investors will 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.
On the U.S. economic front, the country's trade balance data for June, due on Tuesday, is likely to show a deficit of $72.5 billion, after recording a deficit of $75.1 billion in the previous month. On Thursday, the weekly jobless claims and wholesale inventories are scheduled.
Federal Reserve Bank of Richmond President Thomas Barkin is expected to speak before a National Association for Business Economics webinar.
Yum Brands is expected to post a marginal fall in same-store sales on Tuesday as demand for fast food in the U.S. remains muted in the face of sticky inflation. Investors will watch out for insight into Yum's efforts to revamp its loyalty program, as well as response to its value deals in the summer. Additionally, Restaurant Brands is expected to post a rise in second-quarter same-store sales on Thursday, as the company benefits from robust demand at its Tim Hortons coffee chain as well as benefits from a revamp of Burger King. Investors will watch out for the company's comments on response to its value deals over the summer.
CVS Health is set to report it second-quarter results before markets open on Wednesday. The focus will be on changes to the company's annual forecast and comments related to medical care demand and costs.
Rivian is expected to report revenue growth in the second quarter on Tuesday, despite a several weeks long production pause to upgrade its assembly line at the EV maker's Illinois facility. Investors are looking forward to guidance on profitability and commentary around demand for its electric SUVs and pickup trucks. Separately, electric truck maker Nikola on Friday is expected to report a rise in second-quarter revenue as it benefits from strong demand for its hydrogen fuel cell trucks.
Instacart, formally known as Maplebear, is expected to post a rise in second-quarter revenue on Tuesday, banking on higher advertisement and transaction fees it charges on its platform. Investors will look out for comments on demand trends, company's efforts to grow its advertisement business and any forecast that it provides.
Videogame publisher Take-Two Interactive Software is expected to report a rise in first-quarter revenue on Thursday, helped by upbeat spending on its popular titles like "Grand Theft Auto" and "NBA 2K".
Bumble is expected to post higher second-quarter revenue on Wednesday. Investors will be looking for commentary about how Bumble's app refresh and marketing efforts are helping it attract new users.
Robinhood is expected to report a surge in second-quarter revenue on Wednesday as the commission-free brokerage sees a surge in trading volumes driven by the return of meme stock influencer Keith Gill and a rally in the crypto markets.
Reddit will report its second-quarter results on Tuesday. The social platform said in May that it could report an adjusted profit in the quarter, as it is likely to benefit from the recovering digital ad market. Investors will be looking for commentary about how its AI content licensing deals with Alphabet's Google and Microsoft-backed OpenAI are paying off.
Canada's largest insurer Manulife Financial is expected to post a higher second-quarter profit on Wednesday. Investors will watch closely for the performance of the Asia segment which has been an important stock driver.
Air Canada, on Wednesday, is expected to report higher second-quarter revenues on strong travel demand, but lower profits than a year ago over weaker pricing on fares.
IDEXX Laboratories is set to report its second-quarter results before markets open on Tuesday. The focus will be on changes to its annual outlook and commentary regarding veterinary clinic visits.
Trade Desk is expected to report a jump in second-quarter revenue on Thursday, as demand for ads from some sectors grows.
On the Canadian economic radar, Ivey PMI and employment figures are scheduled for release on Wednesday and Friday, respectively.
Inflation figures for Brazil, Mexico, Chile for July are due on Wednesday, while Argentina and Mexico are scheduled to release their industrial output data on Wednesday and Thursday, respectively.
Compiled by Archak Sengupta in Bengaluru; Editing by Vijay Kishore
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