What will drive the markets this week?
The previous week saw the U.S. stock indexes with gains, boosted by strong earnings reports from Exxon and Intel, which countered worries over Amazon’s cautionary note on its cloud computing business. Additionally, economic data reinforced expectations of a Federal Reserve interest rate increase, scheduled for the following week. Despite bleak euro zone data and a fall in bank stocks, shares in Europe experienced a late-day turnaround due to encouraging earnings and a rise in oil stocks. Meanwhile, Asia-Pacific markets mostly saw an increase after the Bank of Japan left its monetary policy unchanged.
This week will be eventful with ongoing earnings season, featuring reports from a variety of companies such as Pfizer, Starbucks, Uber Technologies, AMD, Qualcomm, Apple, Royal Dutch Shell, BP, and ConocoPhillips, among others. Additionally, Warren Buffett’s holding company, Berkshire Hathaway, will hold its annual shareholders’ meeting in Omaha, Nebraska on the coming Saturday. Updates on the labor market are also expected next week with the release of the latest Job Openings and Labor Turnover Survey (JOLTS), ADP’s National Employment Report, and the April nonfarm payrolls report. The Federal Open Market Committee (FOMC) will convene on Tuesday for a two-day meeting, with an interest rate decision expected on Wednesday. This decision will likely mark the final rate hike of the current tightening cycle.
Events expected to move the markets this week
Monday, May 1
- Stryker Corp. (SYK), Vertex Pharmaceuticals (VRTX), Arista Networks Inc. (ANET), NXP Semiconductors (NXPI), and ON Semiconductor Corp. (ON) report earnings
- S&P Global Manufacturing PMI - Final Reading (Apr)
- ISM Manufacturing PMI (Apr)
Tuesday, May 2
- Pfizer (PFE), Advanced Micro Devices (AMD), Starbucks (SBUX), BP (BP), Illinois Tool Works Inc. (ITW), Eaton Corp. (ETN), Thomson Reuters Corp. (TRI), Uber Technologies (UBER), Southern Copper Corporation (SCCO), Enterprise Products Partners (EPP), Marathon Petroleum Corp. (MPC), Marriott International (MAR), Ecolab Inc. (ECL), Ford Motor Company (F), and Sysco Corporation (SYY) report earnings
- Day 1 of FOMC Meeting
- Job Openings and Labor Turnover Survey (JOLTS) Report (Mar)
- Factory Orders (Mar)
Wednesday, May 3
- Qualcomm (QCOM), CVS Health Corp. (CVS), Equinor (EQNR), Estee Lauder Cos. (EL), Equinix (EQIX), Public Storage (PSA), Stellantis (STLA), The Kraft Heinz Company (KHC), Emerson Electric Co. (EMR), Phillips 66 (PSX), MetLife Inc. (MET), Exelon Corp. (EXC), Yum! Brands Inc. (YUM), Barrick Gold (GOLD), Allstate Corporation (ALL), and Cognizant (CTSH) report earnings
- Day 2 of FOMC Meeting; Interest Rate Decision and Press Conference
- ADP National Employment Report (Apr)
- S&P Global Composite PMI - Final (Apr)
- ISM Services PMI (Apr)
Thursday, May 4
- Apple (AAPL), Royal Dutch Shell (SHEL), Anheuser Busch (BUD), ConocoPhillips (COP), Booking Holdings (BKNG), Regeneron Pharmaceuticals (REGN), Zoetis Inc. (ZTS), Becton, Dickinson and Co. (BDX), Shopify (SHOP), Intercontinental Exchange (ICE), Monster Beverage Corp. (MNST), Moderna (MRNA), Ferrari (RACE), Fortinet Inc. (FTNT), American International Group (AIG), and Block (SQ) report earnings
- Challenger, Gray & Christmas Job Cuts (Apr)
- U.S. Trade Balance (Mar)
Friday, May 5
- Novo Nordisk (NVO), Enbridge Inc. (ENB), Cigna Group (CI), ENI (E), Dominion Energy (D), ING Group (ING), NatWest Group (NWG), WarnerBros. Discovery (WBD), and Icahn Enterprises (IEP) report earnings
- Nonfarm Payrolls (Apr)
- Consumer Credit (Mar)
Saturday, May 6
- Berkshire Hathaway 2023 Annual Shareholders’ Meeting