What to Watch in the Week Ahead and on Monday, July 29
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ON MONDAY
McDonald's is expected to post a smaller growth in second-quarter revenue as customers cut back on dining out amid persistent inflation. Investors will be looking out for comments on restaurant traffic, international sales recovery and further menu innovation.
Chipmaker Onsemi is expected to report a drop in second-quarter revenue, hit by a slowdown in orders for its chips due to excess inventory at clients and a slowdown in electric vehicle demand.
REST OF THE WEEK
On Wednesday, the U.S. Federal Reserve is expected to hold interest rates steady following a two-day policy meeting but open the door to interest rate cuts as soon as September by acknowledging inflation has edged nearer to the central bank's 2% target.
On the earnings tap, four of the Magnificent Seven companies are reporting in the week. Apple is expected to report a rise in third-quarter revenue on Thursday, helped by higher iPad sales from new launches and strength in its services business. Investors will focus on commentary on the AI roadmap, after major updates recently, and outlook for the current quarter which will see the launch of the new line of iPhones. On Tuesday, Microsoft is scheduled to report a rise in fourth-quarter revenue amid robust demand for its AI-powered cloud and business software offerings, while investors will focus on commentary on the AI roadmap and rising costs associated with the new technology. Meta Platforms is expected to report, on Wednesday, a rise in second-quarter revenue as ad spending rises on key events like Paris Olympics and presidential election in several nations including the U.S. Investor will seek comments on the AI roadmap, as well as reported plans to acquire a stake in its smart-glasses manufacturing partner EssilorLuxottica. Amazon.com is slated to report a jump in second-quarter revenue on Thursday, aided by robust cloud-computing demand thanks to the booming interest in artificial intelligence. The company's forecast, its guidance on Amazon Web Services growth, as well as comments on expenses and the 2024 Prime Day event.
The U.S. Labor Department's employment report and the manufacturing data will dominate the data-heavy week's economic calendar. The employment report, due Friday, will likely show that nonfarm payrolls rose by 175,000 jobs in July, easing from 206,000 jobs in June. The unemployment rate is forecast to remain unchanged at 4.1%. Annually, average earnings likely rose 3.7% in July after rising 3.9% in the previous month. Meanwhile, the Institute for Supply Management is slated to report on Thursday that manufacturing PMI inched up to 48.6 in July from 48.5 in June. The S&P Global manufacturing PMI is also due on the same day. Additionally, on Tuesday, the Job Openings and Labor Turnover Survey, or JOLTS report, is expected to show there were 8 million job openings in June, compared to 8.14 million openings in May. On Wednesday, the ADP Employment report is slated to show private payrolls increased by 149,000 jobs in July after a 150,000 gain in May. Consumer confidence data for July, due Wednesday, is likely to see a dip to 99.6 from 100.4 in June.
Major drug companies will also release their earnings in the week. Pfizer is expected to announce its second-quarter earnings on Tuesday, before markets open, when investors will focus on the performance of its COVID-19 vaccine and antiviral treatment Paxlovid, sales of its heart disease drug, its vaccine for respiratory syncytial virus, any changes to its full-year forecast and updates on the integration progress of Seagen, which it acquired in a $43 billion deal last year. Separately, Moderna is scheduled to report its second-quarter earnings on Thursday when focus will be on COVID vaccine sales, and the management's comments about the upcoming launch of its respiratory syncytial virus vaccine for the 2024-25 season. Also, Biogen will report its second-quarter results before markets open on Thursday. Investors will look out for sales of its new Alzheimer's disease drug and any updates to the annual outlook.
Procter & Gamble Co is expected to post a rise in its fourth-quarter revenue on Tuesday, on resilient demand for its products like Tide detergent and Pampers diapers in the United States and Europe. Investors will look out for the company's annual forecast, comments on further price increases, easing cost pressures, shipping delays and Olympics-related initiatives.
Cadbury parent Mondelez International is expected to post a decline in its second-quarter revenue on Tuesday, hurt by sluggish demand for its confectionery goodies. Separately, Hershey is expected to post a drop in second-quarter revenue on Thursday as the higher prices of chocolates and candies pressure demand. Investors will look for comments from these companies on impact from elevated cocoa prices, pricing actions, and the impact on demand.
On Tuesday, Starbucks is expected to post a fall in third-quarter same-store sales as the coffee chain struggles with weak demand for its pricey lattes in its two biggest markets, the U.S. and China.
Electronic Arts is expected to report a drop in first-quarter bookings on Tuesday, weighed down by a slump in demand for its sports video-game titles as consumers cut back on discretionary spending.
On Wednesday, ecommerce platform eBay is expected to report a largely flat revenue growth in the second quarter due to increased competition from Amazon.com and Walmart among other firms.
Kraft Heinz is expected to post a drop in second-quarter sales on Wednesday as higher prices of meat cold cuts and packaged mac and cheese deter spending from cash-strapped customers.
Intercontinental Exchange, the owner of the New York Stock Exchange, is scheduled to report a jump in the second-quarter results on Thursday, thanks to strong trading volumes and a robust demand for its mortgage technology data.
Investor Bill Ackman's new portfolio, Pershing Square USA, is scheduled to begin trading on the New York Stock Exchange on Tuesday, boosting the billionaire hedge fund manager's assets under management and giving the U.S.-based investors a way to tap into one of the last year's best-performing portfolios.
On Tuesday, Archer Daniels is set to announce the second-quarter results as it grapples with an ongoing DOJ investigation into accounting practices, as well as lower crop commodity prices and crushing margins.
Grain trader Bunge is set to announce its second-quarter results on Wednesday, as it grapples with lower crop prices and crushing margins. Investors will look for updates on Bunge's merger with Viterra, which still needs to be approved by regulators in several countries.
DoorDash is expected to report an increase in second-quarter revenue on Thursday, helped by steady food and grocery orders on its online delivery platform.
Video game platform Roblox is expected to report a rise in second-quarter bookings on Thursday as it is benefiting from higher in-game purchases within its virtual worlds.
On Tuesday, analysts expect Arista Networks to report a rise in revenue for the second quarter, boosted by demand from cloud computing companies.
On Thursday, Atlassian is expected to report a rise in its fourth-quarter revenue on steady demand for its collaboration software.
American Tower is expected to report on Tuesday a rise in its second-quarter revenue as it benefits from robust spending in its leasing business from wireless carriers.
Automatic Data Processing is expected to report on Wednesday a rise in its fourth-quarter revenue, helped by a strong demand for its human resource management and payroll software.
On Tuesday, Sysco is expected to post a rise in its fourth-quarter revenue as higher prices helped its food-away-from-home business offset a slowdown in consumer spending.
Garmin is expected to report on Wednesday a rise in revenue in the second quarter due to steady demand for its products in the fitness, auto and marine sector.
On Tuesday, Zebra Technologies is expected to report a rise in revenue in the second quarter as the demand for its software and hardware solutions is improving.
Wall Street expects Live Nation to report a rise in revenue in the second quarter on strong concert ticket sales on Tuesday.
Kellanova is expected to post a decline in its second-quarter revenue on Thursday as demand for its breakfast cereals and ready-to-eat snacks falters amid persistent inflation.
Church & Dwight is expected to post a rise in its second-quarter revenue on Friday, buoyed by resilient demand for its higher-priced fabric and personal care products in the United States and Europe.
Chipmaker Qorvo is expected to report a rise in first-quarter revenue on Tuesday, helped by a strong demand for its chips owing to a rebound in the smartphone market.
On Tuesday, Skyworks Solutions is expected to post a decline in the third-quarter revenue, hurt by high inventory levels at clients and having less content on the next generation of Apple's iPhones.
CDW is expected to report on Wednesday a fall in revenue in the second quarter, as clients cut back their technology budgets amid uncertain economic conditions.
Canada's gross domestic product for May and S&P Global manufacturing PMI data are due for release on Wednesday and Thursday, respectively.
Canada Goose is expected to post a rise in first-quarter revenue on Thursday, helped by a rebound in demand in North America and resilient sales in China for its pricey puffer jackets.
On the Latam front, Brazil's central bank is expected to keep the Selic interest rate steady at 10.5% on Wednesday. Friday will see the release of Brazil's industrial output data for June and the IPC-Fipe inflation index number. Separately, Mexico's statistics agency INEGI is due to release the country's flash GDP for the second quarter on Wednesday. Additionally, Chile's central bank is scheduled to announce its interest rate decision on Tuesday. On Wednesday, the country's jobless rate and manufacturing output data will be released.
Reporting by Ananya Roy in Bengaluru; Editing by Vijay Kishore
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