What to Watch in the Day Ahead - Tuesday, July 23
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Two of the Magnificent Seven companies are releasing their quarterly results after markets close, as investors keenly watch the growth trajectory of these megacap stocks. Alphabet, the Google parent, is expected to report a 13% rise in second-quarter revenue, its fourth straight quarter of double-digit growth, with healthy demand for its cloud computing services. Investors will closely watch updates on the adoption of AI features unveiled at Google's recent developer conference and how much that has cost the company. Meanwhile, Tesla is expected to report a drop of about 1% in second-quarter revenue, even after it delivered more cars than market expectations. Investors will want to hear more on Tesla's pivot to self-driving technology and how that could once again set the company apart from other automakers and fuel the sort of rally in its stock that propelled it to a record high in 2021.
Coca-Cola is expected to post a fall in second-quarter revenue, mainly driven by consumers in the United States pulling back on its sodas, which got pricier in the last couple of years, even as demand in international markets such as Europe and Asia remains steady. Investors will look out for comments about consumer demand in the United States, new product launches and plans for the Paris Olympics slated to begin later this month.
Visa, the world's largest payments network, is expected to report a jump in second-quarter profit, driven by robust consumer spending.
General Motors' second-quarter earnings report is expected to outline whether strong vehicle pricing continues to offset struggles in China and with EVs. The automaker is expected to report a 7.7% drop in second-quarter net income.
On the economic tap, the National Association of Realtors are set to report existing home sales are likely to come in at 4 million units in June, compared with 4.11 million units in May.
Top executives from Bank of America, JPMorgan and Wells Fargo testify before the Senate Permanent Subcommittee on Investigations on how banks are managing fraud on their Zelle payments platform.
Comcast is expected to report a revenue fall in the second quarter, hurt by fewer net new phone subscriber additions.
Mattel is expected to post a rise in second-quarter revenue, in first signs that demand was beginning to recover for the toymaker. Investors will look for comments around consumer demand trends going into the back half of the year, retail inventory levels and any updates on the full-year forecasts.
HCA Healthcare is set to report its second-quarter results 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.
Kimberly-Clark is expected to post a decline in second-quarter revenue, hurt by weaker demand for its high-priced personal care and household products. Investors will look for comments on pricing action, volumes, impact of cost-cutting efforts and annual forecasts.
Quest Diagnostics is reporting its second-quarter results and 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 forecast.
U.S. natural gas producer EQT Corp is expected post a wider second-quarter adjusted loss as it grapples with lower commodity prices. Investors will look out for commentary on its pending acquisition of Equitran Midstream and updates on its planned asset sales.
Renewable energy firm Enphase is expected to report a drop in second-quarter profit after the markets close.
Real estate information provider CoStar Group is expected to post higher second-quarter revenue, likely to be helped by robust traffic on its global websites and growing sales of its homes.com memberships.
LIVECHAT-REUTERS GLOBAL MARKETS FORUM
Richard Madigan, chief investment officer at JPMorgan Private Bank, discusses his outlook on cross-asset markets, including what's next for the bull market in the United States amid all the election uncertainty, the Fed's rate path, and what sectors and geographical pockets look attractive from here. To join the conversation at 0900 /1300, email us here
Reporting by Ananya Roy; Editing by Shreya Biswas
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