Last week, we saw a bit of a mixed bag in terms of performance from the market, with the Russell and Dow up 0.6% and 0.35%, respectively, and the S&P and Nasdaq down 2.37% and a whopping 4.22%, respectively. This was due to a rather large pullback in the chip and tech sectors, as NVIDIA was down nearly 10%, Amazon was down nearly 6%, and Apple was down just over 5% on a week-over-week basis. Unfortunately, we’re not out of the woods yet, as we have an incredibly busy week ahead of us.
Last week wasn’t incredibly busy in terms of economic data indicators. However, we more or less saw nothing but beats on the important metrics! US retail sales numbers came in quite a bit better than expected, with the headline retail sales number holding steady at 0% month-over-month growth, compared to an expected decline. Additionally, we saw housing starts and building permits come in with slight beats as well! These data points bode well for both the consumer and the housing market!
This week is incredibly busy in terms of economic data releases, starting with existing home sales on Tuesday, followed by new home sales on Wednesday, and Q2 GDP on Thursday. We then have a jam-packed Friday, with personal income and spending, PCE, and the final consumer sentiment reading for the month of July. When you couple these data releases with the earnings reports we will see this week, we’ve got ourselves a recipe for an incredibly busy week!
This week, we get into the meat and potatoes of earnings as some of the largest companies in the world report their Q2 results, such as:
07/22 – SAP SE (SAP), Verizon Communications (VZ), Ryanair Holdings (RYAAY), Cadence Design Systems (CDNS), NXP Semiconductors (NXPI)
07/23 – Alphabet (GOOG/GOOGL), Tesla (TSLA), Visa (V), Coca-Cola Company (KO), Texas Instruments (TXN), Danaher Corporation (DHR), GE Aerospace (GE), Philip Morris International (PM), Comcast (CMCSA), United Parcel Service (UPS), Lockheed Martin (LMT), Chubb (CB), HCA Healthcare (HCA), Sherwin-Williams Company (SHW), Moody’s (MCO), Spotify (SPOT)
07/24 – Thermo Fisher Scientific (TMO), International Business Machines (IBM), ServiceNow (NOW), NextEra Energy (NEE), AT&T (T), Boston Scientific (BSX), KLA Corporation (KLAC), Fiserv (FI), Waste Management (WM), General Dynamics (GD), Amphenol (APH), Chipotle Mexican Grill (CMG)
07/25 – AbbVie (ABBV), Astrazeneca (AZN), Lloyds Banking Group (LYG), TotalEnergies (TTE), Union Pacific (UNP), Unilever (UL), Honeywell International (HON), RTX (RTX), Sanofi (SNY), Northrop Grumman (NOC), Stellantis (STLA), Carrier Global (CARR)
07/26 – Bristol-Myers Squibb (BMY), Colgate-Palmolive (CL), Aon (AON), 3M Company (MMM), Charter Communications (CHTR)
This week, all eyes will be on GOOG/GOOGL and TSLA, as they are the first true big tech companies to report earnings. What they have to say will affect the markets in a tremendous way and set the tone for the rest of the earnings season.
You’ll probably also want to pay attention to what V has to say in their earnings report. Although their business model is not the most exciting in the world, they have a great overview of what is going on in the economy and will likely give out some great information in their earnings report!
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