It is the busiest week of the second quarter earnings season, with 171 S&P 500 companies forecast. Things got off to a slow start on Monday, before 3M, Advanced Micro Devices, eBay, McDonald’s, Pfizer, Starbucks and Visa all reported Tuesday. On Wednesday, Boeing, Facebook, General Electric, PayPal Holdings, Qualcomm and Shopify released the results.
Thursdays are especially busy: Alphabet, Amazon.com, Apple, Comcast, Ford Motor, Procter & Gamble, and United Parcel Service all report. Finally, Caterpillar, Chevron, Exxon Mobil and Under Armor publish their results on Friday.
On Wednesday, the Federal Reserve’s interest rate setting committee concludes a two-day meeting and announces a monetary policy decision. Officials are expected to keep interest rates unchanged, but President Jerome Powell’s post-meeting press conference will always receive a lot of attention. Investors and Fed watchers will want to hear the latest views from policymakers on the US economy. Then, the Bureau of Economic Analysis is expected to announce Thursday a record 34% drop in gross domestic product for the second quarter. Finally, on Friday, the BEA will release data on personal income and expenditure for June.
and SAP publishes its quarterly results.
The Census Bureau publishes durable goods report for June. New durable manufactured goods orders are expected to rise 5.5% to $ 205 billion, after jumping 15.7% in May.
The Federal Reserve Bank of Dallas releases its Texas Manufacturing Outlook survey for July. Economists are forecasting a reading just above zero, continuing the index’s rebound from record lows in March and April.
and income from the Visa report.
Le Conference Board releases its consumer confidence index for June. The consensus estimate is for a reading of 95.5, slightly below May’s 98.1.
The Federal Open Market Committee announces its monetary policy decision. The central bank is expected to keep interest rates close to zero until 2022.
Crown Castle International,
and Shopify publishes its quarterly results.
The National Association of Realtors releases its index of pending home sales for June. The index is seen up 5.4% to 105 reading, after a record high of 44.3% in May.
Sciences of Gilead,
Procter & Gamble,
and United Parcel Service are holding conference calls to discuss the results.
The Bureau of Economic The analysis reports gross domestic product for the second quarter. The consensus estimate is for a drop of 34%, after a 5% drop in the first quarter. The largest quarterly decline recorded was 10% for the first three months of 1958. The BEA publication will likely confirm the end of the longest economic expansion in US history, which began in June 2009.
and Under Armor report their income.
The Supply Institute Management publishes its Chicago Purchasing Manager Index for July. Economists are forecasting a reading of 42, above June’s 36.6 but still below the expansionary level of 50, which the index has not exceeded since last summer.
BEA reports personal income and expenses for June. Expectations for a 3% drop in income and a 6% increase in expenses. This compares to a drop of 4.2% and a gain of 8.2%, respectively, in May.
Write to Nicholas Jasinski at [email protected]