This is the busiest week of the second quarter earnings season, with 171 S&P 500 companies to report. All things slowed down on Tuesday before 3M, Advanced Micro Devices, eBay, McDonald’s, Pfizer, Starbucks and Visa. On Wednesday, Boeing, Facebook, General Electric, PayPal Holdings, Qualcomm and Shopify release results.
Thursday is particularly busy: Alphabet, Amazon.com, Apple, Comcast, Ford Motor, Procter & Gamble and United Parcel Service reports. Finally, Kamala, Chevron, Exxon Mobil, and Under Armor release earnings on Friday.
The week’s economic calendar is also busy. On Monday, the Census Bureau issues the durable goods report for June, often seen as a decent proxy for business investment. Expectations are for another monthly increase after a big jump in May. Next Tuesday, the conference board releases its Consumer Confidence Index for June.
On Wednesday, the Federal Reserve Interest Rate Committee concluded the two-day meeting and announced a monetary policy decision. Officials are expected to keep interest rates unchanged, but chairman Jerome Powell’s post-meeting press conference will still receive a lot of attention. Investors and Fed watchers would like to hear about policymakers’ latest views on the US economy.
Then, the Bureau of Economic Analysis expects a record 34% drop in GDP for the second quarter on Thursday. And finally on Friday, BEA will release personal income and spending data for June.
And SAP reports quarterly results.
census Bureau Releases durable goods report for June. There are expectations of $ 5.5 billion in new orders for durable manufactured goods after a 15.7% jump in May.
federal Reserve Bank of Dallas reported its Texas Manufacturing Outlook survey for July. Economists estimate readings above zero, continuing the index’s rebound from record lows in March and April.
Advanced Micro Devices,
And Visa Report Income.
Conference board Releases its Consumer Confidence Index for June. The consensus estimate is for a reading of 95.5, slightly lower than May’s 98.1.
Federal open market committee Announces its monetary policy decision. The central bank is expected to keep interest rates near zero through 2022.
Crown Castle International,
And report quarterly results.
National Association Of Realtors released their pending home sales index for June. After a record spike of 44.3% in May, the index is up 5.4% for 105 reads.
Procter and gamble,
And United Parcel Service Hold Conference to discuss call earnings.
Economic Bureau The analysis reports GDP for the second quarter. The consensus estimate is for a 34% decline after a 5% drop in the first quarter. The largest quarterly decline recorded for the first three months of 1958 was 10%. The release of the BEA would confirm the end of possibly the longest economic expansion in American history, which began in June of 2009.
Colgate Palmolive –,
And Under Armor Report Earnings.
Institute for Supply Management released its Chicago Purchasing Managers Index for July. Economists have forecast 42 reading above June’s 36.6, but still below the level of expansion of 50, which has not surpassed the index since last summer.
BEA Report Personal income and expenses for June. Expect a 3% drop in income and a 6% jump in spending. This compares with a 4.2% drop and 8.2% gain, respectively, in May.
Write Nicholas Jasinski at [email protected]