- Wednesday, October 16, 2024
Earnings season is in full swing, with several notable companies reporting their quarterly results this week. In addition, investors are eagerly awaiting an important inflation reading that will play a role in the Federal Open Market Committee's upcoming interest rate decision.
Monday Highlights
- BioNTech: a leading biotechnology company
- Palantir Technologies: a data analytics firm
- Paramount Global: a multinational conglomerate
Tuesday Highlights
- Barrick Gold: a prominent gold mining company
- Eli Lilly: a renowned pharmaceutical company
- Take-Two Interactive Software: a major player in the gaming industry
- United Parcel Service: a leading package delivery company
Wednesday Highlights
- Walt Disney: a global entertainment and media company
- Trade Desk: a digital advertising platform
- Wynn Resorts: a luxury hotel and casino operator
- Illumina: a leader in genomics research
Thursday Highlights
- Alibaba Group Holding: a Chinese multinational conglomerate
- Brookfield: a global alternative asset management firm
- News Corp: a global media and publishing company
- Ralph Lauren: an iconic fashion brand
Apart from the earnings reports, investors will also be keeping an eye on the release of the consumer price index (CPI) for July by the Bureau of Labor Statistics on Thursday. The consensus estimate is for the CPI to rise 3.3% year over year, while the core CPI, which excludes volatile food and energy prices, is expected to increase by 4.8%. This compares to gains of 3.0% and 4.8%, respectively, in June. Despite these increases, it is worth noting that the CPI is still at its lowest level since March 2021, which has contributed to the stock market rally this year.
On Friday, the University of Michigan will release its Consumer Sentiment Index for August. Expectations are for a reading of 71, slightly lower than the previous month. In July, consumers' expectations for year-ahead inflation stood at 3.4%. It is interesting to observe that these inflation expectations remain well anchored, despite the high CPI reading of 9.1% reached last summer.
Additionally, there are other economic data releases to watch out for this week. On Tuesday, the National Federation of Independent Business will share its Small Business Optimism Index for July. Then, on Friday, the Bureau of Labor Statistics will unveil the producer price index for July.
Stay tuned as earnings season progresses and key economic indicators provide insights into the market's trajectory.
Small Business Optimism Index for July Released by The National Federation of Independent Business
According to economists, the Small Business Optimism Index for July, released by The National Federation of Independent Business (NFIB), is expected to have a reading of 90.5, which is roughly the same as June. It is worth noting that the index has remained below the 49-year average of 98 for the past 18 months.
Earnings Announcements and Investor Days
On Wednesday, August 9, several companies will be announcing their quarterly results. Honda Motor, Illumina, Trade Desk, Walt Disney, and Wynn Resorts are among the companies set to release their earnings reports. Additionally, Kellogg will be hosting an investor day at the New York Stock Exchange, while Alibaba Group Holding, Brookfield, News Corp, and Ralph Lauren will hold conference calls to discuss their earnings. Furthermore, Idexx Laboratories will be hosting its 2023 investor day at its corporate headquarters in Westbrook, Maine.
Consumer Price Index Releasing in July
The Bureau of Labor Statistics (BLS) is scheduled to release the consumer price index (CPI) for July. Economists estimate that the CPI will rise by 3.3% year over year, while the core CPI (excluding volatile food and energy prices) is expected to increase by 4.8%. It is important to note that these estimates show a slight increase from June's gains of 3.0% and 4.8% respectively. However, the CPI is currently at its lowest level since March of 2021, which has contributed to the stock market rally experienced this year.
Consumer Sentiment Index for August by The University of Michigan
The University of Michigan is set to release its Consumer Sentiment Index for August. Expectations are for a reading of 71, slightly lower than the previous month. In July, consumers' expectations of year-ahead inflation stood at 3.4%. Despite last summer's four-decade high CPI reading of 9.1%, inflation expectations remain well anchored.
Producer Price Index for July Released by the BLS
The BLS will also be releasing the producer price index (PPI) for July. The consensus call is for the PPI to increase by 0.7% compared to the previous year, which is six-tenths of a percentage point higher than in June. Additionally, the core PPI is expected to rise by 2.5%, following a 2.4% gain in June. Notably, the PPI is currently at its lowest level since the onset of the pandemic in early 2020.
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