SpaceX's Earnings Report, the Job Market, and Big Pharma: What Investors Can Expect This Week
Elon Musk's SpaceX will release its first quarterly report this week following its IPO / Photo: X/SpaceX
The week’s biggest corporate event will be SpaceX’s first earnings report following the largest IPO in history. Elon Musk’s company, which combines space and AI businesses, will have to answer the same question that investors ask leading tech companies: how much is it spending, and do the results justify those expenses, according to Yahoo Finance.
Earnings reports from Palantir Technologies, Advanced Micro Devices, and memory manufacturers SanDisk and Western Digital will provide new benchmarks for AI market participants. Outside the technology sector, results will be reported by Walt Disney, pharmaceutical giants Eli Lilly and Novo Nordisk, and oil and gas companies ConocoPhillips and BP.
The main macroeconomic release of the week will be the U.S. employment report for July. In the eurozone, data on business activity, producer prices, and retail sales will be released. In China, inflation and foreign trade statistics will provide insight into regional demand and export trends, notes The Wall Street Journal.
On Monday, August 3, the Institute for Supply Management (ISM) will release the July business activity index for the U.S. manufacturing sector. The consensus forecast is 53.9 points—slightly higher than June’s reading, according to Barron’s.
The July manufacturing business activity index for the eurozone will be released.
Palantir Technologies, Diamondback Energy, On Semiconductor, and Tyson Foods will report their financial results.
On Tuesday, August 4, the U.S. Bureau of Labor Statistics will release data on job openings and labor turnover (JOLTS). Economists estimate, on average, that there were 7.4 million job openings in the world’s largest economy at the end of June—about 200,000 fewer than a month earlier.
SpaceX, AMD, Toyota Motor, Amgen, McDonald’s, Pfizer, BP, Paramount Skydance, Spotify, Devon Energy, and Marathon Petroleum will release their quarterly earnings reports.
On Wednesday, August 5, the ISM will release the July Purchasing Managers' Index (PMI) for the U.S. services sector. The consensus forecast calls for a 0.5-point increase to 54.5 points.
The eurozone will release its July services business activity index and producer price data for June.
Eli Lilly, Novo Nordisk, SanDisk, Western Digital, Walt Disney, Shopify, Uber Technologies, AppLovin, MercadoLibre, DoorDash, Honeywell Aerospace, Occidental Petroleum, eBay, Block, and Kraft Heinz will report their quarterly results.
On Thursday, August 6, retail sales data will be released in the eurozone.
ConocoPhillips, Howmet Aerospace, Constellation Energy, Airbnb, Warner Bros. Discovery, Diageo, Keurig Dr Pepper, and Ralph Lauren will report their quarterly results.
On Friday, August 7, the U.S. Bureau of Labor Statistics will release its July labor market report. Last week, Fed Chair Kevin Warsh described the labor market as resilient and stable. Economists, on average, forecast an increase of 83,000 nonfarm payroll jobs, following a gain of 57,000 in June. The unemployment rate is expected to remain at 4.2%.
Any disappointing data from the U.S. could trigger a more significant shift in expectations toward Fed policy easing than before, especially if oil prices fall again, according to ING currency analyst Francesco Pesole. According to him, the market fears that the central bank will not dare to back up its rhetoric on price stability with an actual tightening of monetary policy.
China will release its foreign trade data. The figures will provide insight into whether the trade imbalance—which has strained Beijing’s relations with its major partners, including the European Union, in recent months—has continued to widen. ING forecasts that Chinese exports will grow by 28% and imports by nearly 34%.
Take-Two Interactive Software and Wendy’s will wrap up the earnings reporting week.
On Sunday, August 9, Beijing will release inflation data for July. Chinese authorities continue to grapple with deflationary pressures fueled by protracted price wars and weak consumer spending. The decline in the consumer price index in June compared with May was a warning sign: it may indicate that the government’s measures to stimulate demand are losing their effectiveness, according to The Wall Street Journal.
This article was AI-translated and verified by a human editor
