Get ready for one of the most-eventful weeks so far in 2024!There are crucial policy decisions by the Fed, BOE, and BoJ, along with key data such as the closely watched US jobs report.
Our focus lies on the ongoing US earnings season, with this singular question: “Has the AI-mania truly run its course?”
With US markets having just seen their biggest weekly drop since April, much attention will be paid to some of the biggest stocks to announce their earnings this week.If these tech giants can keep fuelling the AI-mania with stellar earnings outlooks, that could help broader stock markets recover.
Key earnings releases this week:
Events Watchlist:
Tuesday, July 30th: Microsoft earnings (after US markets close)
Stock bulls will hope the second-largest US stock (by market cap) can ramp up its earnings outlook for its Azure Cloud business, with estimates having been consistently raised since September 2023.If Microsoft indicates that its earnings prowess can still grow, that could boost this stock 4.9% higher when markets reopen Wednesday.
Wednesday, July 31st: Meta earnings (after US markets close)
While US elections-related spending on its platforms are set to drive sales growth, investors are also eager to learn if the licensing of its Llama AI model can continue driving earnings.If Meta suggests that customers are curtailing their AI-related spending, that could drag Meta’s share down by as much as 9% at Thursday’s open.
Thursday, August 1st: Amazon, Apple earnings (after US markets close)
Attention will be paid to Amazon’s generative AI products (e.g. Amazon Q, Rufus, etc.), and Apple’s recent AI features that are set to be baked into upcoming iPhones (which still account for about 50% of Apple’s total revenue).Amazon shares are forecasted to move 7.1% up/down on Friday, while Apple’s implied post-earnings move is forecasted at 3.9% up/down, depending on whether the earnings outlook turn positive or negative.Here’s a comprehensive list of other key economic data and events due next week:Monday, July 29
Tuesday, July 30
Wednesday, July 31
Thursday, August 1
Friday, August 2
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