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April 30 – The Federal Open Market Committee of the US Federal Reserve (FOMC) announces its interest rate decision. US Federal Reserve Chairman Jerome Powell will hold a press conference after the rate decision.
On the American economic calendar, a multitude of data is expected during the day. The ADP national employment report is expected to show that private jobs increased by 175,000 in April, compared to an increase of 184,000 in March. The Institute for Supply Management’s ISM () Manufacturing PMI is expected to post a value of 50.0 in April, after a value of 50.3 the previous month. The release of the S&P Global manufacturing PMI for April is also planned. Additionally, the Labor Department’s JOLTS report is expected to show that the number of job openings likely increased to 8.686 million in March, up from 8.670 million the month before. Separately, the Commerce Department is expected to report a 0.3% increase in construction spending in March, following a 0.3% decline the previous month.
Pfizer will report its first quarter results before markets open. Investors will closely monitor any changes to the manufacturer’s 2024 forecast, particularly for the COVID-19 vaccine and antiviral treatment Paxlovid. Focus will also be placed on the performance of cancer drugs acquired under the Seagen deal and its vaccine franchise.
CVS Health is expected to report its first quarter results. The focus will likely be on its forecasts and the impact of the Change Healthcare cyberattack and increased demand for medical procedures on the company’s insurance business, Aetna.
Qualcomm will report its second quarter results, and analysts expect the company to report revenue growth of less than 1%. Investors will focus on demand indicators for the smartphone market amid competition from companies such as Huawei and updates to its artificial intelligence chips.
Yum! Brands is expected to report an increase in revenue in the first quarter, thanks to sustained demand for its fast-food chains, such as KFC, Taco Bell and Pizza Hut. Investors will be paying attention to comments regarding the impact of the conflict in the Middle East on sales and consumer sentiment in the United States.
Mastercard’s first quarter results are expected. The company is likely to see higher profits thanks to strong consumer spending. Investors will also be interested in the evolution of the merchant agreement it signed with its counterpart Visa.
Kraft Heinz is expected to post a decline in first-quarter revenue due to pressure on volumes as pricing advantages fade. Investors will await comments on demand, volumes and annual forecasts.
Ebay is expected to report a 0.8% increase in first-quarter revenue, which could be its worst performance in the last five quarters.
American insurer AIG is expected to present its first quarter results after the market closes. Investors want to know how much disaster losses will impact profits. A conference call between executives and analysts will follow on Thursday.
Cognizant Technology Solutions is expected to post a decline in revenue in the first quarter, due to weak demand for IT services as companies spend cautiously in an uncertain economy.
Marriot will report its first quarter results. The company is expected to see an increase in revenue due to strong growth in international travel. Investors will be awaiting comments on slowing U.S. domestic travel demand and a recovery in business travel.
MGM Resorts will report its financial results for the first quarter. The company is expected to post a rise in first-quarter earnings, helped by a steady post-pandemic travel recovery in its core markets.
Albemarle, the world’s largest producer of lithium for electric vehicle batteries, is expected to report a sharp drop in first-quarter profit due to falling prices for the ultralight metal.
DoorDash is expected to post an increase in revenue in the first quarter, thanks to an increase in food and grocery orders on its online delivery platform. Investors will await comments on demand trends, the impact of labor costs and the company’s forecasts.
Estee Lauder is expected to post an increase in revenue in the third quarter, benefiting from a rebound in demand for its MAC lipsticks and Bobbi Brown foundations in the United States. Investors will be awaiting comments on demand recovery in China, business disruptions due to the Middle East conflict, a shift to cheaper products and further pricing actions.
Norwegian Cruise Lines is expected to post an increase in revenue in the first quarter, thanks to rising ticket prices and continued demand for cruises in the United States. Investors will be paying attention to comments on demand trends, costs, fuel impact and the company’s forecasts.
Oil and gas company Marathon Oil is expected to report a drop in first-quarter profits, driven by falling natural gas prices. Investors and analysts will be watching for comments on full-year growth forecasts and production cuts.
CF Industries is expected to post a decline in first-quarter profit due to a decline in fertilizer prices. Investors are eagerly awaiting updates on its ammonia projects and demand outlook.
Wireless connectivity chipmaker Qorvo is expected to report higher fourth-quarter revenue as the smartphone market recovers and more customers adopt 5G devices. Earlier in April, research firm Canalys said global smartphone shipments increased 11% year-on-year in the first quarter of 2024.
Specialty chemical manufacturer DuPont de Nemours will report its first quarter results. Investors will review demand in key regions such as China and the European Union, as well as any updates regarding per- and polyfluoroalkyl substances (PFAS).
Online marketplace operator Etsy is expected to see revenue rise in the first quarter, driven by higher transaction fees and continued demand for artisanal products. Investors will await comments on demand, promotions, discounts, the impact of growing competition from low-cost e-commerce platforms like Temu and annual forecasts.
Data analytics company Verisk is expected to report higher first-quarter profit, driven by strong demand for its products, which are used by property and casualty insurers to assess underwriting risks.
Ansys is expected to see higher revenue in the first quarter, driven by strong demand for its engineering software solutions.
First Solar is expected to report its first quarter results. Investors will await the demand and growth outlook for the US solar industry and the impact of California’s new metering law.
Global Payments will report its first quarter results, with analysts expecting resilience in consumer spending to help the payments technology company increase its quarterly profit from last year.
Corteva is expected to post a decline in first-quarter profit as drought in Brazil hurt its business, but North America could offer a positive outlook.
Life sciences company Bio-Techne will report third-quarter 2024 results. Investors will be watching for commentary on China’s biotech financing environment and demand for its products used in drug development.
Tesla is expected to ask a Delaware judge to dismiss a $6 billion fee request from the lawyers who overturned Elon Musk’s $56 billion compensation package.
Microsoft CEO Satya Nadella will participate in the opening keynote of the Microsoft Build: AI Day event in Kuala Lumpur.
UnitedHealth Chief Executive Officer Andrew Witty is expected to testify before a U.S. House subcommittee about a recent cyberattack on the company’s technology unit and its impact on patients and providers of care.
Viking Holdings will list its shares on the New York Stock Exchange under the symbol VIK, amid a recovery in the US market marked by several recent notable listings.
Meanwhile, S&P Global manufacturing PMI data is due to be released in Canada.
Additionally, Bank of Canada Governor Tiff Macklem will testify before the Senate Committee on Banking, Trade and the Economy about the bank’s latest economic forecasts.
The Teamsters Canada union releases the results of a strike mandate vote by 9,300 Canadian rail workers at Canadian National and Canadian Pacific in Kansas City.
Barrick Gold, the world’s second-largest gold producer, is expected to report higher profits in the first quarter, thanks to a rise in gold prices.
Loblaw Companies is expected to report an increase in first-quarter revenue, driven by strong demand for food and medicine products. Investors will be paying attention to comments on the outlook, costs and inflation.
The publication of Brazil’s trade balance is planned. Brazil posted a surplus of $7.5 billion in March.
