09/17/2020

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The Week Ahead on Wall Street



Economic Data

Durable goods orders and core capital goods orders for June are released this morning. The former sheds light on industrial activity and provides investors with information about transportation, technology manufacturing, and machinery industries. The latter strips out transportation equipment because sometimes large single orders of new trains, planes, and maritime vessels can lead to abnormal monthly spikes.

The Case-Shiller National Home Price Index for May and homeownership rate for the second quarter are published tomorrow morning. July’s Consumer Confidence Index is also due. Consumer confidence ticked up to 98.1 in June, which was much higher than economist expectations of 91 and well above May’s reading of 85.9.

On Wednesday, the Federal Reserve wraps up its two-day meeting where officials will attempt to figure out how to provide more economic stimulus to the US economy. Currently, analysts believe interest rates will remain unchanged until the Fed learns more about the impact of the coronavirus. That said, pay attention to any comments about how long the Fed intends to keep interest rates near zero and if the central bank plans on any more asset purchases. Advance trade in goods and pending home sales for June are also due today.

Weekly initial jobless claims are published Thursday. In the week ending July 18, another 1.4 million Americans filed initial jobless claims. Not only is this the 18th straight week that claims have exceeded 1 million, it was also worse than economists expected. Prior to the release, consensus projections were calling for 1.3 million claims, therefore the real number put a damper on Wall Street at the end of last week. Second quarter GDP is also scheduled to be released.

The week wraps up with reports that will highlight personal income, consumer spending, and consumer sentiment. Combined, the information will help investors get a better understanding of the economic health and habits of everyday Americans. The Employment Cost Index, core inflation, and Chicago PMI are also published.

Earnings to Keep an Eye On

Albertsons Companies, Inc. (ACI) is scheduled to report before the bell this morning. The Boise, Idaho-based grocery giant just made its public debut at the end of June. Since then, the company has received dozens of bullish initiations on its stock. Analysts who cover Albertson’s believe that retailers who specialize in selling essential items are in high demand as a result of the ongoing pandemic. DISH Network Corp (DISH), Hasbro Inc (HAS), and Alexandria Real Estate Equities Inc (ARE) are also scheduled to report.

Tomorrow, McDonald’s Corp (MCD) reports its latest results. Earlier this month, the iconic fast-food chain paused the reopening of its dine-in services in the US due to increasing coronavirus cases across the country. Shares of the company are still up by 8% over the past three months, however, as it looks to be benefiting from increased drive-thru sales. Visa Inc (V), Pfizer Inc (PFE), Amgen Inc (AMGN), Raytheon Technologies Corp (RTX), 3M Co. (MMM), and Starbucks Corp (SBUX) are also scheduled to report.

Facebook Inc (FB) is scheduled to report after hours on Wednesday. Mark Zuckerberg’s company has come under pressure from a drop in overall global advertising due to the coronavirus, as well as an advertiser boycott in recent weeks. Large brands have decided to forgo spending on the platform due to the company’s perceived inability to clean up hate-speech. That said, the company has benefitted from investors piling into big tech names recently, so all eyes will be on the company’s latest results and guidance for the second half of the year. PayPal Holdings Inc (PYPL), Shopify Inc (SHOP), and Boeing Co (BA) are also scheduled to report.

On Thursday, a string of tech heavy weights release their latest results. Apple (AAPL), Alphabet (GOOGL), and Amazon (AMZN) are all scheduled to report after the bell. Amazon specifically will be a name to watch as it became the go-to platform for millions of people around the world who have made purchases online due to the ongoing pandemic. Amazon may also benefit from increased demand for its other services, including cloud computing, video streaming, and new projects like its Amazon Go stores. Investors largely expect revenue figures to increase on an annual basis, but all eyes will be on profits to try and glean information on expenses and investments that could impact its bottom line. Procter & Gamble Co. (PG), Mastercard Inc. (MA), Comcast Corp. (CMCSA), and AstraZeneca PLC (AZN) are also scheduled to report.

On Friday, a pair of energy giants hand in their latest results. Both ExxonMobil Corp. (XOM) and Chevron Corp (CVX) are scheduled to report. Both companies are Dow Jones Industrial Average components, so their earnings could impact the 30-stock index at the end of the week. Lower oil prices and reduced demand due to the coronavirus could mean that ExxonMobil will post its second consecutive quarterly loss. Chevron will likely be victim to the same issues, but investors will be listening in to hear about its latest acquisition of Noble Energy. The $5 billion deal was the largest in the US energy sector this year. Dominion Energy Inc (D) also reports, along with Caterpillar Inc (CAT), Merck & Co Inc (MRK), and Charter Communications Inc (CHTR).


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