Wall Street investors will closely watch the US July employment report and a packed slate of corporate earnings in the week ahead, with results from SpaceX and Walt Disney expected to dominate market attention.
The July jobs report will be the week’s most closely watched economic release as investors assess the outlook for US interest rates over the coming months. The Federal Reserve kept benchmark interest rates unchanged at its latest policy meeting, while Chair Kevin Warsh offered few indications about the timing of any future rate increases, leaving upcoming economic data as the key driver of market expectations.
In addition to the payrolls report, investors will monitor the Federal Reserve’s Senior Loan Officer Opinion Survey on Monday for fresh clues about lending standards, credit availability and business borrowing conditions. Attention will also turn to the New York Fed’s Survey of Consumer Expectations on Friday, which could provide further insight into inflation expectations and consumer sentiment.
On the corporate front, SpaceX’s first quarterly earnings report since its blockbuster initial public offering (IPO) will be the standout event of the week. Investors will be looking for updates on Starlink subscriber growth, the development timeline for the Starship programme and the company’s capital expenditure plans as they assess SpaceX’s long-term growth outlook.
The earnings calendar also features several other high-profile companies. Palantir, chipmaker AMD, entertainment giant Walt Disney, ride-hailing company Uber, vacation rental platform Airbnb and pharmaceutical major Eli Lilly are all scheduled to report quarterly results during the week.
US Economic Calendar
August 3 (Monday): Separate reports on US manufacturing PMI for July, ISM report on manufacturing PMI for July, and construction spending for June will be released.
August 4 (Tuesday): Separate reports on job openings & labor turnover survey for June and factory orders for June will be issued.
August 5 (Wednesday): Separate reports on ADP National Employment report for July, US services PMI for July, and ISM report on business services PMI for July will be released.
August 6 (Thursday): Separate data on preliminary productivity and costs for Q2 and weekly jobless claims will be declared.
August 7 (Friday): Separate reports on employment data for July and consumer credit for June will be released.
Earnings
Following companies are scheduled to declare their quarter results in the week ahead – Palantir, Snap, SpaceX, AMD, Merck, Pfizer, Eli Lilly, Novo Nordisk, Uber, ConocoPhillips, Airbnb, Take-Two Interactive Software, and Oklo.
US Stock Market Last Week
US equities capped off a turbulent July trading session on a high note, driven by starkly contrasting performances from tech giants and renewed inflation anxieties stemming from energy markets.
On Friday, the S&P 500 rose 52.09 points, or 0.7%, to 7,489.72. The Dow Jones Industrial Average rose 276.97 points, or 0.5%, to 52,485.03. The Nasdaq Composite rose 251.68 points, or 1%, to 25,373.85.
The Russell 2000 index of smaller companies fell 14.76 points, or 0.5%, to 2,931.34.
For the week, the S&P 500 is up 77.74 points, or 1%. The Dow is up 537.78 points, or 1%. The Nasdaq is up 398.03 points, or 1.6%.
