What to Watch in the Day Ahead - Friday, May 3
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A flurry of economic data is scheduled for the day. The Labor Department's employment report is likely to show nonfarm payrolls of 243,000 jobs in April after creating 303,000 jobs in the previous month. Private payrolls are likely to grow by 190,000 in April after increasing by 232,000 the month before. The unemployment rate is expected to remain unchanged at 3.8% in April. Meanwhile, average hourly earnings likely gained 0.3% on a monthly basis in April after a similar rise in the prior month. Average work week hours probably remained constant at 34.4 in April. Separately, ISM non-manufacturing PMI is likely to show a reading of 52 in April after showing a reading of 51.4 in the previous month. Additionally, S&P Global's services and composite PMI numbers for April are scheduled for release.
Federal Reserve Bank of New York President John Williams and Federal Reserve Bank of Chicago President Austan Goolsbee are scheduled to participate in a panel before the hybrid "Getting Global Monetary Policy on Track" event hosted by the Hoover Institution at Stanford University in Stanford, California.
Hershey is expected to post a rise in first-quarter revenue, aided by higher prices and strong demand for its chocolates and confectionery. Investors will look for comments on demand, growth in volumes, costs and cocoa prices.
Cheniere Energy, one of the top U.S. LNG exporters, is expected to report a fall in first-quarter revenue. Investors would be looking forward to any commentary on the LNG demand outlook and Red Sea disruptions.
Exchange operator CBOE Global Markets is expected to post a rise in first-quarter profit, helped by higher trading volumes.
GPS navigation product maker Trimble is expected to report a drop in its first-quarter revenue, hit by challenges faced by agriculture and transportation markets amid economic uncertainty.
Canadian pipeline company TC Energy will report its first-quarter results. Investors will look for updates on the company's plans to spin off its oil pipeline business this year and sell C$3 billion worth of assets to repay debt.
Magna International is expected to report a rise in first-quarter revenue and profit, helped by an uptick in demand for their auto parts.
In Latin America, Brazil's industrial output is scheduled for release. On a year-on-year basis, output is expected to have shrunk 2.6% in April after having grown 5.0% in March. On a monthly basis, industrial output is expected to post a gain of 1% in April after having declined 0.3% in March. The country is also expected to release its IPC-Fipe inflation index and monthly bank lending data. Mexico will release its gross fixed investment data, which will likely have increased by 12.1% in April, after adding 15.3% in March.
Compiled by Anjana Jayakrishnan Nair in Bengaluru; Editing by Tasim Zahid
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