The major economic event for July has passed, and now investors will shift their focus to corporate earnings. Netflix (NFLX) will report its quarterly earnings first, followed by ASML (ASML) and Taiwan Semiconductor Manufacturing Company (TSM). Other companies like Goldman Sachs (GS), Morgan Stanley (MS), and Bank of America (BAC) are also expected to report. In addition, politics, including an assassination attempt on Donald Trump and the Republican National Convention, will be key points of interest. The economic data calendar will be sparse, with the highlight being the June retail sales report. The recent June inflation data has increased the likelihood of the Federal Reserve cutting interest rates in September. Fed Chair Jerome Powell’s upcoming events will provide insight into the central bank’s decision-making process.
Weekly calendar
Monday
Economic data: New York Fed Empire State Manufacturing index, July (-6 expected, -6 previously)
Earnings: Goldman Sachs (GS), BlackRock (BLK)
Tuesday
Economic data: Retail sales, June (-0.2% expected, +0.1% previously); Import price index, June (-0.1% expected, -0.4% previously); Export price index, June (-0.1% expected, -0.6% previously); NAHB homebuilder sentiment, July (43 expected, 43 previously)
Earnings: Bank of America (BAC), Morgan Stanley (MS), UnitedHealth (UNH), Charles Schwab (SCHW), Interactive Brokers (IBKR), Progressive (PGR), PNC Financial (PNC), State Street (STT)
Wednesday
Economic data: Housing starts, June (+1.8% expected, -5.5% previously); Building permits, June (-0.6% expected, -3.8% previously); Industrial production, June (+0.4% expected, +0.9% previously); Federal Reserve Beige Book
Earnings: Johnson & Johnson (JNJ), United Airlines (UAL), ASML (ASML), Discover (DFS), US Bancorp (USB), Citizens Financial (CFG), Ally Financial (ALLY), Synchrony (SYF), Alcoa (AA), Kinder Morgan (KMI), Steel Dynamics (STLD)
Thursday
Economic data: Initial jobless claims, July 13 (228,000 expected, 222,000 previously); Continuing jobless claims (1.852 million previously)
Earnings: TSMC (TSM), Netflix (NFLX), Domino’s (DPZ), Blackstone (BX), Alaska Air (ALK), Abbott Labs (ABT), Novartis (NVS), Textron (TXT), Cintas (CTAS), Intuitive Surgical (ISRG), PPG (PPG)
Friday
Economic data: No major economic data set for release.
Earnings: American Express (AXP), Travelers (TRV), Halliburton (HAL), SLB (SLB), Fifth Third (FITB), Regions Financial (RF)
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