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It’s the busiest week of second-quarter earnings season. About one third of

S&P 500

companies are scheduled to report.

Tesla

and

Lockheed Martin

kick things off on

M

onday, followed by a packed Tuesday:

Apple,

Microsoft,

Alphabet,

Visa,

AMD, UPS,

General Electric,

3M, and

Starbucks

headline a 42-report day.

Facebook,

Shopify,

Boeing,

Ford Motor,

PayPal Holdings,

Pfizer,

and

Qualcomm

release results on Wednesday. Then

Amazon.com,

Comcast,

Mastercard,

and

T-Mobile US

report on Thursday. Finally,

Exxon Mobil,

Caterpillar,

Charter Communications,

Chevron,

and

Procter & Gamble

close the week on Friday.

It will also be a busy week for initial public offerings. The highlight will be investment app Robinhood Markets, which is expected to begin trading on Thursday. It is seeking a valuation around $35 billion.

There will be plenty of action on the economic calendar this week too. The Federal Reserve’s policy committee wraps up a two-day meeting on Wednesday. A change in interest rates is off the table, but officials could reveal more information about their timeline for reducing bond purchases. Fed Chair Jerome Powell’s post-meeting press conference will be must-watch viewing.

On Thursday, the Bureau of Economic Analysis publishes its first official estimate of second-quarter U.S. gross domestic product. Economists are expecting a white-hot 9.1% seasonally adjusted annual growth rate, up from 6.4% in the first quarter. 

Other data out this week include the Conference Board’s Consumer Confidence Index for July and the Commerce Department’s durable goods orders for June, both on Tuesday. The latter is often viewed as a decent proxy for business investment.

Monday 7/26

Cadence Design Systems,

Hasbro,

Lockheed Martin, Otis Worldwide, and Tesla report quarterly results.

The Census Bureau reports new single-family home sales for June. Economists forecast a seasonally adjusted annual rate of 800,000 new homes sold, 4% more than May’s 769,000.

Tuesday 7/27

It’s a big day for megacap tech earnings. Alphabet, Apple, and Microsoft will release quarterly results. The three companies are among the five largest globally by market value, worth a combined $6.4 trillion.

3M,

Advanced Micro Devices,

Chubb,

Ecolab,

General Electric,

Invesco,

Mondelez International,

MSCI,

Raytheon Technologies,

Starbucks,

United Parcel Service,

and Visa announce earnings.

The Conference Board releases its Consumer Confidence Index for July. Consensus estimate is for a 124 reading, lower than June’s 127.3. The June figure was the highest for the index since the beginning of the pandemic.

S&P CoreLogic releases its Case-Shiller National Home Price Index for May. Expectations are for a 16.4% year-over-year rise, after a 14.6% jump in April. The April spike was a record for the index going back to 1988, when data were first collected.

Wednesday 7/28

Automatic Data Processing,

Boeing,

Bristol Myers Squibb,

Facebook, Ford Motor,

Generac Holdings,

McDonald’s,

Moody’s,

Norfolk Southern,

PayPal Holdings, Pfizer, Qualcomm, Shopify, and

Thermo Fisher Scientific

release quarterly results.

The Federal Open Market Committee announces its monetary-policy decision. The FOMC is expected to leave the federal-funds rate unchanged near zero. Wall Street expects the central bank to announce a timeline for reducing its bond purchases, currently about $120 billion a month, at some time between now and the September meeting.

Thursday 7/29

Altria Group,

Amazon.com, Comcast, Hershey,

Hilton Worldwide Holdings,

Mastercard, Merck,

Molson Coors Beverage,

Northrop Grumman,

and T-Mobile US hold conference calls to discuss earnings.

Robinhood Markets, the zero-commission investment app, is expected to begin trading on the Nasdaq exchange under the ticker HOOD. Robinhood plans to offer 55 million shares at $38 to $42 a share, which would value the company at roughly $35 billion.

The Bureau of Economic Analysis reports its preliminary estimate of second-quarter gross domestic product. Economists forecast a 9.1% seasonally adjusted annual growth rate, following a 6.4% increase in the first quarter. The Federal Reserve currently projects 7% GDP growth for 2021, which would be the fastest rate of growth since 1984.

Friday 7/30

AbbVie,

Caterpillar, Charter Communications, Chevron, Colgate-Palmolive, Exxon Mobil, Procter & Gamble, and

Weyerhaeuser

report quarterly results.

Write to Nicholas Jasinski at nicholas.jasinski@barrons.com

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