What to Watch in the Week Ahead and on Monday, April 22
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ON MONDAY
Tesla chief Elon Musk is expected to meet with India's Prime Minister Narendra Modi and announce plans to invest in and build a factory in the country.
In Canada, the country's March producer prices data is due for release.
On the LATAM economic radar, Mexico's IGAE economic activity data for February is scheduled.
REST OF THE WEEK
The week will see many major U.S companies release their financial report cards. In the tech industry, Microsoft's revenue is expected to have grown 15% as AI investments drive gains in its cloud computing and enterprise software businesses, supported by a recovery in the PC market. Investors will pay close attention to its comments on AI, how new capabilities drew consumers, and further investments planned in the area when the tech giant releases its third-quarter results on Thursday.
Separately, Wall Street expects Alphabet to report a rise in first-quarter revenue on Thursday as growing AI adoption propels its Google Cloud business. Analysts expect the company to provide details on its plans to monetize its AI propositions. Meanwhile, Meta Platforms' revenue is expected to grow 26% as AI investments drive higher engagement at Instagram and gains through its advertising platform. When the company releases its first-quarter results on Wednesday, analysts will pay close attention to its forecast, which will paint a clearer picture of the digital ad update in a year with presidential elections in over 50 countries.
Among automakers in the U.S., analysts expect Tesla's first-quarter revenue to drop when the carmaker releases its report card on Tuesday. The revenue drop will mark the first fall nearly four years after deliveries in the first quarter fell. Wall Street also expects CEO Elon Musk to provide guidance on the future of autonomy software, the Robotaxi project and the affordable car program. General Motors is also scheduled to report its first-quarter results the same day, while Ford is due to report its first-quarter earnings on Wednesday. GM and Ford's biggest challenge will be explaining to investors where profit growth will come from in the months ahead as EV growth slows.
A raft of economic data coming this week will be watched by the Federal Reserve policymakers to help them gauge the health of the U.S. economy ahead of the April 30 policy meeting. On Thursday, data from the Commerce Department's Bureau of Economic Analysis is expected to show a slowdown in U.S. economic growth. According to the gross domestic product advance estimate for the first quarter, the U.S. economy likely grew to a 2.3% annualized rate in the first quarter of the year. This compared to a 3.4% annualized rate of growth reported in the last quarter of 2023. Another report on Friday is likely to show the personal consumption expenditures (PCE) price index likely rose 0.3% in March after a similar rise in the previous month. Excluding the volatile food and energy components, the PCE price index is also expected to rise 0.3%. Consumer spending, meanwhile, is expected to have eased with a rise of 0.6% in March after jumping 0.8% in the previous month. On Tuesday, S&P Global is due to report flash U.S. PMIs for April. The flash manufacturing PMI reading is expected to be 51.8, compared to 51.9 in the previous month. The flash services PMI likely came in at 51.6, compared to 51.7 in the previous month.
Meanwhile, a report from the Commerce Department on Tuesday is likely to show new home sales rose to a seasonally adjusted annual rate of 670,000 units in March from 662,000 units in February. Orders for durable goods perhaps rose 2.5% in March after a 1.3% rise recorded in the previous month, the Commerce Department's Census Bureau is expected to say in its latest report on Wednesday. The Labour Department's weekly jobless claims report is expected on Thursday. On Friday, The University of Michigan's final reading on the overall index of consumer sentiment came in at 77.9 in April, unchanged from the previous month.
On Friday, oil major Exxon is expected to report first-quarter earnings per share of $2.16 compared with $2.79 a year ago on weaker natural gas prices, higher maintenance costs and derivatives, according to data from financial firm LSEG. The same day, Chevron is expected to report lower year-over-year profits for the first quarter on weaker oil and gas prices and lower production. Investors will look for a full-year outlook and an update on Hess's acquisition.
General Electric is expected to report higher first-quarter profit on Tuesday, but the focus will be on the company's plans as a standalone aerospace company following the spin-off earlier this month. On Tuesday, US defense contractor Lockheed Martin is expected to report a lower first-quarter profit amid supply constraints. Meanwhile, Boeing is scheduled to report its first-quarter earnings on Wednesday. Separately, Spirit AeroSystems will face questions from investors at its annual general meeting with the company in the middle of complicated triangular talks with Boeing and Airbus to split its key facilities.
Merck is scheduled to report its first-quarter earnings on Thursday. Focus is expected to be on sales of cancer therapy Keytruda and vaccine Gardasil, as well as the company's new drug Winrevair. Also, AbbVie is scheduled to report its first-quarter earnings on Friday. Investor focus is expected to be on the erosion of Humira sales and the growth of its newer immunology drugs, Skyrizi and Rinvoq. Separately, the focus will be on launch updates of Biogen's Alzheimer's drug Leqembi changes to its annual forecast and quarterly sales of its drugs when the drugmaker reports its first-quarter results before markets open on Wednesday.
Intel is scheduled to report first-quarter results on Thursday. Investors will focus on indicators of demand from the personal computer market and the impact of the company's foundry business on its results.
PepsiCo is expected to post a rise in first-quarter revenue on Tuesday, boosted by steady demand for its pricey sodas and snacks. Investors will look for comments on further price hikes, easing costs, impact on demand due to the conflict in the Middle East, and a shift in consumer demand. Meanwhile, Beverage maker Keurig Dr Pepper is expected to post a rise in first-quarter revenue on Thursday, helped by steady demand for its sodas and tonic water. Investors will look for comments on pricing actions, demand, and annual forecasts.
Philip Morris International will on Tuesday publish its first-quarter results, when investors will be looking for any fresh details around the hotly anticipated U.S. launch of its flagship heated tobacco device IQOS in the second quarter.
Goldman Sachs will hold its shareholder meeting on Wednesday at its office in Salt Lake City, Utah.
A Reuters Next Newsmaker event is scheduled on Thursday where US Treasury Secretary Janet Yellen will be interviewed in a live broadcast on Reuters.
Thermo Fisher Scientific is expected to report first-quarter earnings before markets open on Wednesday. Investors will focus on comments about demand from its biotech clients and any changes to the medical equipment maker's 2024 profit forecast. Updates on the contract with Novo Nordisk for its popular drug Wegovy will also be closely watched.
Danaher will report its first-quarter results on Tuesday. Investors will focus on the performance of its respiratory diagnostics and life sciences units and closely watch for comments around demand for life sciences tools from smaller biotech companies.
On Tuesday, Copper giant Freeport McMoRan is likely to post a jump in earnings for the first quarter due to rising prices for the red metal.
HCA Healthcare is set to report its first-quarter results on Friday before markets open. The focus will be on changes to its annual forecast and comments by the largest U.S. for-profit hospital operator on patient admissions and demand for medical procedures.
Payments firm Fiserv is expected to report a jump in first-quarter profit on Tuesday as consumer spending continues to be robust.
Chipmaking tools manufacturer KLA Corp is expected to report a fall in third-quarter revenue on Thursday as the firm grapples with sluggish demand for its products in an uncertain economy.
Boston Scientific is expected to report its first-quarter results on Wednesday. Investors will focus on the medtech company's heart devices, its quarterly performance, given a pick-up in hospital surgical procedure volumes, and its 2024 forecast print.
Tobacco giant Altria is due to report its first-quarter results on Thursday.
Exchange operator Nasdaq is due to report its first-quarter earnings on Thursday.
Gilead Sciences is set to report first-quarter results after the bell on Thursday. Investors will look for updates to the U.S. drugmaker's 2024 forecast amid recent clinical trial failure setbacks, the performance of its HIV drugs in the first quarter, and any commentary on its recent $4.3 billion buyout of CymaBay Therapeutics as the company looks beyond its older HIV drugs for growth. Meanwhile, Edwards Lifesciences is set to report first-quarter results after the bell on Thursday. Investors will look out for its second-quarter profit outlook, the performance of its artificial heart valves, the company's lead product, in the current quarter amid rising competition from peers and a rebound in certain surgical procedures that were otherwise delayed by pandemic-induced curbs along with an ease in staffing shortages.
Humana will report its first-quarter results before markets open on Wednesday. Investors are expected to focus on any comments related to the impact on Humana from the cyberattack at UnitedHealth's tech unit. Investors may also look at the health insurer's medical costs and updates to its annual earnings forecast.
Capital One Financial is expected to post a jump in first-quarter profit on Thursday as the consumer lender charged higher interest rates on loans, boosting its interest income.
Arthur J. Gallagher is expected to post a jump in first-quarter profit on Thursday as the insurance brokerage helped by higher commissions and fees.
Quest Diagnostics is reporting its first-quarter results on Tuesday, when investors will look for color on the performance of the company's base business, excluding COVID-19 during the quarter, and any changes to the laboratory operators' 2024 outlook.
Universal Health Services will report first-quarter results after markets close on Wednesday. Investors will look out for the hospital operator's quarterly performance amid a resurgence in demand for certain non-urgent medical procedures, especially for older adults.
Toymaker Hasbro is expected to post a decline in first-quarter sales on Wednesday, owing to broader industry weakness as discretionary spending slumps and slow sales of Wizards of the Coast. Investors will look out for comments on the near-term demand outlook, margin pressure from shipping disruption and plans on product launches.
Healthpeak Properties will report first-quarter results after market close on Thursday. Investors will monitor the real estate investment trust's performance post its merger with Physicians Realty Trust, any updates to its 2024 forecast, and commentary on demand for its medical office and life science properties.
Amphenol, on Wednesday, is expected to report a rise in first-quarter revenue as the electronic equipment maker benefits from strong demand for its products used in defense amid rising geopolitical tensions.
Medical equipment maker West Pharmaceutical Services will report its first-quarter 2024 results on Thursday. Investors will watch out for comments on demand for its syringe manufacturing as the FDA evaluated plastic syringes made in China and demand for injected drugs, including the popular Wegovy and Mounjaro, continues to grow.
Credit card company Synchrony Financial is expected to report its first-quarter earnings on Wednesday. The firm's profit is expected to grow, thanks to higher interest income.
Juniper Networks is expected to post lower first-quarter revenue on Thursday. The company's revenue will be hit by weak spending by its cloud computing and enterprise clients in an uncertain economy.
Computer storage devices maker Seagate, on Tuesday, is due to report its third-quarter earnings. The company is also expected to forecast fourth-quarter revenue growth, after about eight quarters of decline, on the back of recovery in the PC market.
Farming supplies retailer Tractor Supply is expected to post a rise in first-quarter revenue on Thursday, helped by steady demand for discretionary and agricultural products. Investors will look for comments on demand, pricing action, the impact of Red Sea disruptions, and annual forecasts.
NASA Chief Bill Nelson sits down with Reuters in Mexico City on Tuesday to talk about U.S.-Mexico collaboration on airborne science, including greenhouse gas and tropospheric emissions, wildfires and water management.
Bunge Global is due to report first-quarter results on Wednesday as the grain trading and oilseed processing agribusiness is working to close a megadeal to acquire crop handler Viterra later this year. Investors will be watching for updates on the transaction and any revisions to company guidance after Bunge warned in February that narrowing soy processing margins would dent its earnings in 2024.
Align Tech is set to report first-quarter results after the bell on Wednesday. Investors will watch for the performance of its clear teeth aligners in the quarter, the company's commentary on dental procedure volumes, and its sales forecast for the second quarter.
Home-building products maker Masco is expected to post a decline in first-quarter revenue on Wednesday, owing to weaker demand for its high-priced home decor items. Investors will look for comments on demand, pricing action and annual forecasts.
In Canada, the Bank of Canada is due to publish the minutes of its monetary policy meeting held a fortnight ago on Wednesday. The same day, Statistics Canada is expected to say in its report that retail sales for February rose 0.1% after slipping 0.3% in the previous month.
Canada's Rogers Communications is expected to post higher first-quarter revenue on Wednesday, helped by rising demand for its wireless and internet services from the growing population and immigrants entering the country. Investors will be looking for commentary on the competitive environment in the telecom industry and what its plans are to attract cost-conscious customers and new immigrants as the country plans to reduce its temporary residents and set a cap on temporary immigration.
In Latin America, on Friday, Brazil's IPCA-15 consumer price index data for the first half of April is due for release. Separately, Mexico's national statistics agency INEGI is scheduled to report inflation data for the first half of the month on Wednesday.
Reporting by Ananya Roy in Bengaluru; Editing by Tasim Zahid
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