Good morning Rebels! The market looks green this morning with the major indices each indicating an open roughly 0.50% higher. But anything could change. This week if you catch yourself thinking, “Why is the market doing that?”, think about this list.
Week-Ending July 29th Earnings Calendar
Source: Earnings Whispers
July 29th Economic Calendar: Every important event ahead
PMO: Pre Market Open
AMC: After Market Close
Bold, underlined events signify high relative importance.
Monday – Low Relative Importance
- 2AM: Germany Business Conditions
- 4AM: UK Business Confidence Q3
- 5AM: Brazil Consumer Confidence
- 6:30AM: Chicago Fed’s US National Activity Index
- AMC: Earnings from Whirlpool, NXP, Logitech (LOGI)
- 5PM: South Korea GDP (Q2)
Tuesday – Moderate Relative Importance
- PMO: Earnings from GE, McDonalds (MCD), Coke (KO), UPS
- 7AM: IMF WEO Economic Outlook Update
- 8AM: US New Home Sales (June)
- 8AM: US Consumer Confidence (July)
- AMC: Earnings from Microsoft (MSFT), Alphabet (GOOG), Visa (V), Chipotle (CMG), Texas Instruments
- 7:30PM: Australia CPI (Q2)
Wednesday – High Relative Importance
- 12AM: Germany Consumer Confidence
- PMO: Earnings from Shopify (SHOP), Boeing (BA), Spotify (SPOT)
- 6:30AM: US Durable Goods Orders (June)
- 6:30AM: Retail and Wholesale Inventories (June)
- 2PM: FOMC Meeting (Expected Rate Hike: 75bps, chance of 50bps or 100bps)
- 4PM: Earnings from Meta (META), Ford (F), Qualcomm (QCOM), Teladoc (TDOC)
Thursday – Highest Relative Importance
- PMO: Earnings from Pfizer (PFE), Valero (VLO), Mastercard (MA), Merck (MRK)
- 8:30AM: US GDP Q2
- US Bureau of Economic Analysis will release its advance estimate of economic growth. After Q1 GDP retraction, this data will inform the market whether or not the US is currently in a recession. Unquestionably, this is the most important event of the week, and will have a high impact on the market. Expected: 0.4% GDP Growth QoQ. Conversely, the Atlanta Fed’s GDPNow indicator predicts that Q2 GDP is currently -1.6%. Any negative growth here all but confirms a recession… unless you ask Janet Yellen. Yellen, who said this weekend that she isn’t seeing “any sign of US recession” told Meet the Press that “Two consecutive quarters of negative GDP growth is not a recession.” Which is… an interesting take. We’ll see if the market agrees.
- AMC: Earnings from Apple (AAPL), Amazon (AMZN), Roku (ROKU), Intel (INTC)
Friday – Moderate Relative Importance
- 2AM: Germany GDP Q2
- 2AM: Italy GDP Q2
- 3AM: Eurozone GDP Q2
- 3AM: Eurozone CPI (July)
- PMO: Earnings from Exxon Mobil (XOM), Chevron (CVX), Proctor & Gamble (P&G), Abbvie (ABBV)
In short: If the market starts soaring (or tanking) at 8:30AM on Thursday, don’t go on Twitter asking why. Search for the GDP data release instead.
For more quick takes on this morning’s market-moving news, check out 60 Seconds With Jon Najarian!