It will be a busy week. More than 160 S&P 500 companies are scheduled to report second-quarter results, investors and economists get their first look at July jobs data, and the Federal Reserve announces an interest-rate decision.
Earnings highlights will include McDonald's and ON Semiconductor on Monday, and then a crowded Tuesday: Advanced Micro Devices, American Tower, Electronic Arts, Merck, Microsoft, PayPal Holdings, Pfizer, Procter & Gamble, and Starbucks all report.
On Wednesday, Arm Holdings, Boeing, eBay, Etsy, Lam Research, Marriott International, Mastercard, Meta Platforms, Qualcomm, T-Mobile US, and Western Digital will release results. Amazon.com, Apple, Biogen, Booking Holdings, ConocoPhillips, Intel, and Moderna report Thursday, then Chevron and Exxon Mobil close the week on Friday.
On Tuesday, the Bureau of Labor Statistics will release the Job Openings and Labor Turnover Survey for the last business day of June. Then, on Friday, the BLS will publish the jobs report for July. Economists' consensus estimate calls for a 177,500 gain in nonfarm payrolls, after 206,000 in June, according to Dow Jones.
Other data to watch this week will include the Conference Board's Consumer Confidence Index for July on Tuesday and the Institute for Supply Management's Manufacturing Purchasing Managers' Index for July on Thursday.
On Wednesday, the Federal Reserve's policy making committee is expected to announce that it will keep interest rates steady. The focus will be on the post-meeting press conference with Fed Chair Jerome Powell. Everyone will be listening for any hints about a widely anticipated September rate cut.
Monday 7/29
Equity Residential, Hologic, Loews, McDonald's, ON Semiconductor, SBA Communications, and Welltower report quarterly results.
Tuesday 7/30
Advanced Micro Devices, American Electric Power, American Tower, Arch Capital Group, Archer-Daniels-Midland, Arista Networks, CenterPoint Energy, Corning, Ecolab, Electronic Arts, Extra Space Storage, FirstEnergy, First Solar, Gartner, Howmet Aerospace, Illinois Tool Works, Live Nation Entertainment, Match Group, Merck, Microsoft, Mondelez International, PayPal Holdings, Pfizer, Phillips 66, Procter & Gamble, Public Service Enterprise Group, $Public Storage(PSA-N)$, Qorvo, S&P Global, Skyworks Solutions, Smurfit WestRock, Starbucks, Stryker, Sysco, Xylem, and Zebra Technologies announce earnings.
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 8 million job openings on the last business day of June, 140,000 fewer than in May.
S&P CoreLogic releases its Case-Shiller National Home Price Index for May. In April, home prices rose 6.3% year over year according to the index.
The Conference Board releases its Consumer Confidence Index for July. Expectations are for a 99.3 reading, about one point less than in June.
Wednesday 7/31
Aflac, Albemarle, Allstate, Altria Group, American International Group, American Water Works, Ansys, APA, Arm Holdings, Automatic Data Processing, AvalonBay Communities, Boeing, BorgWarner, Bunge Global, C.H. Robinson Worldwide, CDW, Cencora, Cognizant Technology Solutions, Corteva, DuPont, eBay, Etsy, Everest Group, Fair Isaac, FMC, GE HealthCare Technologies, Generac Holdings, Hess, Humana, Ingersoll Rand, Johnson Controls International, KKR, Kraft Heinz, Lam Research, Marriott International, Mastercard, Meta Platforms, MetLife, MGM Resorts International, Norwegian Cruise Line Holdings, Qualcomm, T-Mobile U.S., Trane Technologies, Verisk Analytics, VICI Properties, Waters Corp., WEC Energy Group, and Western Digital release quarterly results.
The Federal Open Market Committee announces its monetary-policy decision. Wall Street is nearly unanimous in expecting the FOMC to keep the federal-funds rate unchanged at 5.25%-5.50%. Traders will parse Fed Chair's Jerome Powell's words at the post-meeting conference for clues as to whether a mid-September interest cut of a quarter of a percentage point is in the cards, as the market has fully priced in.
ADP releases its National Employment Report for July. Economists forecast an increase of 154,000 in private-sector employment, slightly more than in June.
The Institute for Supply Management releases its Chicago Business Barometer for July. The consensus call is for a 44.5 reading, roughly three points less than the June figure.
Thursday 8/1
Air Products & Chemicals, Amazon.com, Apple, Aptiv, Ball Corp., Becton Dickinson, Biogen, Booking Holdings, Cigna Group, Clorox, ConocoPhillips, Cummins, Dominion Energy, Eaton, Entergy, Eversource Energy, Exelon, Hershey, Intel, Intercontinental Exchange, Iron Mountain, Kellanova, Kimco Realty, Labcorp Holdings, Microchip Technology, Moderna, Monolithic Power Systems, Motorola Solutions, Quanta Services, Regeneron Pharmaceuticals, ResMed, Targa Resources, Southern Co., Vertex Pharmaceuticals, W.W. Grainger, and Xcel Energy hold conference calls to discuss earnings.
The ISM releases its Manufacturing Purchasing Managers' Index for July. Expectations are for a 48.5 reading, even with the June data.
Friday 8/2
AES , Cboe Global Markets, Chevron, Exxon Mobil, Linde, LyondellBasell Industries, and PPL announce quarterly results.
The BLS releases the jobs report for July. Economists forecast a 177,500 increase in nonfarm payrolls, after a 206,000 gain in June. The unemployment rate is expected to remain unchanged at 4.1%. In Congressional testimony earlier this month, Powell said that "the labor market appears to be fully back in balance." There are 1.2 job openings for every unemployed person, the lowest ratio since May of 2021.
