The week of Amazon‘s (NASDAQ: AMZN) Prime Day event is finally here, but the upcoming week includes some big names’ earnings reports, such as Nike (NYSE: NKE) and FedEx Corporation (NYSE: FDX), along with a new round of economic reports, including the GDP.
Monday- No Major Earnings Reports
Amazon’s highly-anticipated, two-day Prime Day sales will kick off on Monday after being pushed back due to various factors such as the Olympics and July being a “big vacation month. Last year, these two days surpassed $3.5 billion in sales. However, its rival retailers Walmart (NYSE: WMT), Target Corporation (NYSE: TGT), Best Buy (NYSE: BBY), Kohl’s Corporation (NYSE: KSS), and Bed, Bath & Beyond Inc (NASDAQ: BBBY), are also planning their own sales events this week, so consumers are in for many treats.
Tuesday
There will also be no major reports, but Starbucks (NASDAQ: SBUX) will revive its reusable cups by reintroducing 10 cent discount for customers who use them even through contactless ordering. In restoring this service, Starbucks is also reviving its commitment to halve its plastic waste by the end of this decade.
The coffee chain is also easing the strict protocols as the world moves back to pre-pandemic life. It recently followed a growing list of retailers in rolling back its mask-wearing guidance for fully vaccinated customers.
Wednesday- Earnings Will Ramp Up
Winnebago Industries Inc (NYSE: WGO) Inc is expected to give investor lots of good news in its upcoming earnings report, with a huge sale spike likely in the cards, at least compared to the same date last year when RV production was paused due to worst period of the COVID-19 shutdowns.
Thursday – The Day Of The Week
In addition to FedEx and Nike, BlackBerry Limited (NYSE: BB), Rite Aid Corporation (NYSE: RAD), and Olive Garden parent company Darden Restaurants Inc (NYSE: DRI) are among the major players set to report earnings. We’re also in for data on corporate profits, durable goods, the final revision on GDP, as well as weekly initial and continuing jobless claims.
Friday
CarMax Inc (NYSE: KMX), the United States’ largest used-car retailer, has one of the strongest balance sheets amongst the dealers, and Paychex (NASDAQ: PAYX) will wrap up the earnings week. On the same day, the $1.5 billion in options of the second-largest digital currency are set to expire, and what happens next will determine the future of Ethereum.
Outlook
This week comes right after the Dow Jones Industrial Average posted its worst week since October. The S&P 500 and Nasdaq fell sharply on Friday due to St. Louis Federal Reserve President James Bullard projecting an interest rate hike towards the end of next year.
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