(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at
. Thomson One users can register at RT/DAY/US. All times in ET/GMT) Bank of America will report its first quarter result. The bank’s net profit could fall due to lower interest income as it had to pay up for deposits and suffered from sluggish loan growth. Separately, Morgan Stanley is scheduled to report first-quarter earnings. Analysts expect the investment bank's profit to fall but the wealth management business to hold up. Investors will also watch out for executives' responses to the recent media report of multiple regulators probing the bank's wealth management unit.
Johnson & Johnson will report its first-quarter results before markets open. Investors will look for any updates to the company's 2024 forecast and the performance of its key drugs, including Crohn's disease drug Stelara, which will face competition from near copies in some international markets this year. Focus will also be on J&J's deal strategy and trends in its medical device unit.
Federal Reserve Chair Jerome Powell is set to participate in a moderated discussion before the Washington Forum on the Canadian Economy, in Washington. (1315/1715) Separately, Federal Reserve Bank of New York President John Williams will moderate a discussion with François Villeroy de Galhau, governor of the Banque de France, before the Economic Club of New York. (1230/1630) Additionally, Federal Reserve Bank of Richmond President Thomas Barkin will speak on the economic outlook before the Rotary Club of Winston-Salem, in Winston-Salem, N.C. (1300/1700) Also, Federal Reserve Vice Chair Philip Jefferson is due to speak on "Monetary Policy During Periods of Uncertainty" before the International Research Forum on Monetary Policy hosted by the Federal Reserve in Washington. (0900/1300)
On the U.S. economic tap, the Commerce Department's Census Bureau will report that housing starts likely eased to a seasonally adjusted annual rate of 1.487 million units in March, from 1.521 million units recorded in the previous month. Building permits number is expected to show a slight decline to 1.515 million units in March from 1.524 million units reported in February. Separately, Industrial production data is set to show a 0.4% rise in March after inching up 0.1% in February. Capacity Utilization likely came in at 78.5% last month, compared to 78.3% in February.
United Airlines is expected to report a loss in the first quarter due to the grounding of its Boeing 737 MAX 9 planes following a mid-air cabin panel blowout on an Alaska Air flight in January. With Boeing grappling with a safety crisis, the focus will be on the airline's plans to mitigate the fallout for its growth plans.
UnitedHealth is set to report first-quarter results before markets open. Comments on the hack at the health insurer's tech unit Change HealthCare, the effects of the breach and its impact on the medical costs will be closely watched.
At the Baidu AI developer conference, the company is set to unveil a series of new AI upgrades, including new ERNIE models and development toolkits. Robin Li, Chairman and CEO of Baidu, will deliver a keynote speech. Li will introduce Baidu’s newly launched lightweight models, including ERNIE Speed, ERNIE Lite and ERNIE Tiny, and explore Baidu's three AI toolkits for agent development, AI application development and model customization.
Northern Trust is expected to post a drop in first-quarter profit as higher funding costs are expected to weigh on the asset and wealth manager's interest income. Analysts and investors will watch out if the company continues its momentum after generating positive total inflows in the previous quarter.
The Society of Automotive Engineers will hold a conference in Detroit from Tuesday to Thursday. Ford Motor EV chief Doug Field and Bill Ford, executive chairman of Ford, are among some of the speakers at the event.
Statistics Canada is set to report the country's annual headline inflation likely rose to 2.9% in March from 2.8% in February. On the month, the consumer price index rose 0.7%, a jump from the 0.3% rise reported in February. The Bank of Canada's preferred measures of core inflation print is also due the same day. Additionally, Canadian Mortgage and Housing Corporation data is expected to show that the seasonally adjusted annualized rate of housing starts fell to 245,000 units in March from 253,468 units recorded in the previous month.
(Reporting by Ananya Roy in Bengaluru; Editing by Ravi Prakash Kumar)
((Ananya.Roy@thomsonreuters.com;))
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