Roughly a quarter of the companies in the S&P 500 are scheduled to release their second-quarter results this week. Economic-data highlights will include a first look at second-quarter gross domestic product and the Federal Reserve's preferred measure of inflation for June.
Nucor, NXP Semiconductors, SAP, and Verizon Communications start the earnings week off on Monday, followed by Alphabet, Chubb, Coca-Cola, Comcast, General Motors, Lockheed Martin, Tesla, United Parcel Service, and Visa all on Tuesday.
On Wednesday, AT&T, Chipotle Mexican Grill, Las Vegas Sands, Newmont, NextEra Energy, and Waste Management release results. American Airlines Group, Honeywell International, PG&E, RTX, Southwest Airlines, Stellantis, TotalEnergies, and Unilever will report on Thursday, then 3M, Charter Communications, and T. Rowe Price Group close the week on Friday.
On Thursday, the Bureau of Economic Analysis will publish its first estimate of second-quarter gross domestic product. The consensus call is for a seasonally adjusted annual growth rate of 1.9%, versus 1.4% in the first three months of 2024.
The personal consumption expenditures price index for June -- out on Friday -- is expected to show a 2.4% year-over-year increase, down from 2.6% in May. Other data to watch this week will include S&P Global's Manufacturing and Services Purchasing Managers' Indexes for July and the Census Bureau's durable goods report for June on Thursday.
Monday 7/22
Alexandria Real Estate Equities, Brown & Brown, Cadence Design Systems, Iqvia Holdings, Nucor, NXP Semiconductors, SAP, Truist Financial, Verizon Communications, and W.R. Berkley report quarterly results.
Tuesday 7/23
Alphabet, Capital One Financial, Chubb, Coca-Cola, Comcast, CoStar Group, Danaher, Enphase Energy, EQT, Freeport-McMoRan, GE Aerospace, General Motors, Genuine Parts, HCA Healthcare, Invesco, Kimberly-Clark, Lockheed Martin, Moody's, MSCI, Paccar, Philip Morris International, PulteGroup, Quest Diagnostics, Seagate Technology Holdings, Sherwin-Williams, Tesla, Texas Instruments, United Parcel Service, and Visa announce earnings.
The National Association of Realtors reports existing-home sales for June. Consensus estimate is for a seasonally adjusted annual rate of 4 million homes sold, about 100,000 fewer than in May.
Wednesday 7/24
Ameriprise Financial, Amphenol, AT&T, Boston Scientific, Chipotle Mexican Grill, CME Group, Edwards Lifesciences, Fiserv, Ford Motor, Fortive, GE Vernova, General Dynamics, IBM, International Paper, Invitation Homes, KLA, Las Vegas Sands, Newmont, NextEra Energy, O'Reilly Automotive, Otis Worldwide, Raymond James Financial, Republic Services, Rollins, Roper Technologies, ServiceNow, TE Connectivity, Teradyne, Thermo Fisher Scientific, Tyler Technologies, United Rentals, Vertiv Holdings, Waste Connections, Waste Management, and Westinghouse Air Brake Technologies release quarterly results.
The Bank of Canada announces its monetary-policy decision. The central bank is widely expected to cut its key short-term interest rate by a quarter of a percentage point to 4.50%.
S&P Global releases both its Manufacturing and Services Purchasing Managers' Indexes for July. Expectations are for a 51.4 reading for the Manufacturing PMI and a 55 for the Services PMI. Both figures would be slightly less than the June data.
The Census Bureau reports new residential sales data for June. Economists forecast a seasonally adjusted annual rate of 630,000 new single-family homes sold, slightly more than in May. The median sales price for a new house sold in May was $417,000.
Thursday 7/25
AbbVie, AstraZeneca, American Airlines Group, Arthur J. Gallagher, Carrier Global, CBRE Group, Deckers Outdoor, DexCom, Digital Realty Trust, Dover, Dow, DTE Energy, Edison International, Hasbro, Honeywell International, Keurig Dr Pepper, Nasdaq, Norfolk Southern, Northrop Grumman, PG&E, RTX, Sanofi, Southwest Airlines, Stellantis, TotalEnergies, Tractor Supply, Unilever, Union Pacific, Valero Energy, Verisign, West Pharmaceuticals, and Willis Towers Watson hold conference calls to discuss earnings.
The Bureau of Economic Analysis releases its first estimate of second-quarter gross domestic product growth. The consensus call is for GDP to have increased at a seasonally adjusted annual rate of 1.9%, half a percentage point more than in the first quarter.
The Census Bureau releases the durable goods report for June. Expectations are for new orders for manufactured durable goods to increase 0.4% month over month to $284 billion.
Friday 7/26
3M, Aon, Bristol Myers Squibb, Centene, Charter Communications, Colgate-Palmolive, Franklin Resources, and T. Rowe Price Group announce quarterly results.
The BEA releases the personal consumption expenditures price index for June. Economists forecast a 2.4% year-over-year increase. The core PCE, which strips out food and energy prices, is expected to rise 2.5%. Both indexes gained 2.6% in May. The annual increase in the core PCE, the Fed's favored inflation gauge, is at its lowest level since March 2021.
