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U.S. Federal Reserve's Federal Open Market Committee $(FOMC)$ announces its decision on interest rates. U.S. Federal Reserve chair Jerome Powell will hold a news conference following the rate decision.
On the U.S. economic calendar, a flurry of data is due in the day. The ADP National Employment report is expected to show that private payrolls rose by 175,000 in April, compared with a 184,000 increase in March. The Institute for Supply Management's (ISM) Manufacturing PMI is likely to show a reading of 50.0 for April, following a reading of 50.3 in the previous month. The S&P Global manufacturing PMI for April is also scheduled for release. In addition, the Labor Department's JOLTS report is likely to show that the number of job openings likely rose to 8.686 million in March from 8.670 million in the previous month. Meanwhile, the Commerce Department is projected to announce a 0.3% gain in construction spending for March after a 0.3% decrease in the prior month.
Pfizer will report first-quarter results before markets open. Investors will closely watch any changes to the drugmaker's 2024 forecast, especially for the COVID-19 vaccine and antiviral treatment Paxlovid. The focus will also be on the performance of cancer drugs acquired as part of the Seagen deal and its vaccine franchise.
CVS Health is scheduled to report its first-quarter earnings. Focus is likely to be on its forecast and the impact of the Change Healthcare cyberattack and rising demand for medical procedures on the company's insurance business, Aetna.
Qualcomm will report second-quarter earnings where analysts expect the company to record less than 1% revenue growth. Investors will focus on indicators of demand from the smartphone market amid competition from firms such as Huawei and updates on its AI-enabled chips.
Yum! Brands is expected to post a rise in first-quarter revenue, driven by resilient demand for its fast-food chains, such as KFC, Taco Bell, and Pizza Hut. Investors will watch for comments on the impact of conflict in the Middle East on sales and consumer sentiment in the U.S.
Mastercard's first-quarter earnings are scheduled. It is likely to report a jump in profit thanks to strong consumer spending. Investors will also look for updates on its settlement with merchants, which it signed alongside peer Visa.
Kraft Heinz is expected to post a decline in first-quarter revenue, hurt by volume pressure as pricing benefits roll off. Investors will look for comments on demand, volumes and annual forecasts.
Ebay is expected to report a 0.8% rise in first-quarter revenue, which could be its worst performance in the last five quarters.
U.S. insurer AIG is set to report its first-quarter results after markets close. Investors want to know the extent to which catastrophe losses will impact profit. A call between executives and analysts will follow on Thursday.
Cognizant Technology Solutions is expected to post a decline in its first-quarter revenue, hit by weakness in demand for I.T. services as businesses are spending cautiously in an uncertain economy.
Marriot will report its first-quarter results. The company is expected to see a rise in revenue due to strong growth in international travel. Investors will be looking for comments on softening domestic travel demand in the U.S. and recovery in business travel.
MGM Resorts will be reporting financial results for its first quarter. The company is expected to post a rise in first-quarter results, helped by a steady post-pandemic travel rebound in its key markets.
Albemarle, the world's largest producer of lithium for E.V. batteries, is expected to report a sharp drop in first-quarter profit due to tumbling prices of the ultralight metal.
DoorDash is expected to post a rise in first-quarter revenue, helped by an uptick in grocery and food orders at its online delivery platform. Investors will watch for comments on demand trends, the impact of labor costs, and the company's forecast.
Estee Lauder is expected to post a rise in third-quarter revenue, benefiting from a rebound in demand for its MAC lipstick and Bobbi Brown foundations in the United States. Investors will look for comments on-demand recovery in China, disruptions to business due to the conflict in the Middle East, trading down to lower-priced products and new pricing actions.
Norwegian Cruise Lines is expected to post a rise in first-quarter revenue helped by higher ticket prices and steady demand in the U.S. for cruise vacations. Investors will be on the lookout for comments on demand trends, costs, impact from fuel and any forecast that the company provides.
Oil and gas firm Marathon Oil is expected to report a fall in first-quarter profit, hurt by lower natural gas prices. Investors and analysts will watch for comments on full-year growth expectations and production cuts.
C.F. Industries is likely to post a decline in first-quarter profit due to a pullback in fertilizer prices. Investors would be looking forward to any updates on its ammonia projects and demand outlook.
Wireless connectivity chipmaker Qorvo is expected to report higher fourth-quarter revenue, helped by a recovery in the smartphone market as more customers adopt 5G devices. Earlier in April, research firm Canalys said global smartphone shipments grew 11% from a year earlier in first-quarter of 2024.
Specialty chemicals maker DuPont de Nemours will report first-quarter results. Investors will examine demand in key regions such as China and the E.U. and any updates on per- and polyfluoroalkyl substances (PFAS) related issues.
Online marketplace operator Etsy is expected to post a rise in first-quarter revenue, helped by higher transaction fees and steady demand for handcrafted products. Investors will look for comments on demand, promotions, discounts, the impact of increasing competition from low-cost e-commerce platforms like Temu and annual forecasts.
Data analytics firm Verisk is expected to report a higher first-quarter profit, driven by strong demand for its products, which are used by property and casualty insurers to assess underwriting risks.
Ansys is expected to report higher first-quarter revenue, helped by robust demand for its engineering software solutions.
First Solar is expected to post first-quarter earnings. Investors will await demand and growth outlooks for the U.S. solar industry and the impacts of California's new metering law.
Global Payments will report first-quarter results, with analysts expecting tailwinds from resilient consumer spending to help the payments technology firm increase quarterly profit compared to last year.
Corteva is likely to post a decline in first-quarter profit, with droughts in Brazil harming its business, but North America could provide a positive outlook.
Life sciences company Bio-Techne to report its third-quarter 2024 results. Investors will be looking out for comments on the biotech funding environment in China and demand for its products used in drug development.
Tesla is expected to ask a Delaware judge to reject a request for a $6 billion legal fee sought by the attorneys who voided Elon Musk's $56 billion pay package.
Microsoft Chief Executive Satya Nadella will attend and deliver the opening keynote at the Microsoft Build: A.I. Day event in Kuala Lumpur.
UnitedHealth CEO Andrew Witty is expected to testify before a U.S. House subcommittee about a recent cyberattack at the company's technology unit and its impact on patients and providers.
Viking Holdings will debut its shares on the New York Stock Exchange under the ticker symbol VIK amidst a recovering U.S. market landscape marked by several recent notable debuts.
Meanwhile, Canada's S&P Global's manufacturing PMI data is due to be released.
Separately, Bank of Canada Governor Tiff Macklem will testify to the Senate Committee on Banking, Commerce and the Economy about the bank's latest economic forecasts.
Teamsters Canada union releases results of a strike mandate vote by 9,300 Canadian rail workers at Canadian National and Canadian Pacific Kansas City.
The world's second-largest gold miner, Barrick Gold, is expected to post a rise in first-quarter profit, helped by a rally in gold prices.
Loblaw Companies is expected to report a rise in first-quarter revenue, banking on strong demand for essential groceries and medicines. Investors will look out for the comments on outlook, costs, and inflation.
Brazil's trade balance data is scheduled for release. Brazil posted a surplus of $7.5 billion dollars in March.
(Compiled by Anjana Jayakrishnan Nair in Bengaluru; Editing by Tasim Zahid)
((AnjanaJayakrishnan.Nair@thomsonreuters.com;))
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