It’s the busiest week of first-quarter earnings season, with 150 S&P 500 constituents reporting in the days ahead. Google-parent Alphabet kicks off the week on Monday, followed by Apple, Mastercard, General Electric , General Motors , Merck, and Pfizer on Tuesday. Wednesday is equally busy: CVS Health , Qualcomm , and a host of insurers including Allstate, MetLife, and Prudential Financial all report. Thursday’s highlights are the new DowDuPont and Dow companies, Cigna, and CBS. Dominion Energy reports on Friday.
The economic calendar this week will provide several data points illustrating the state of the American consumer. On Monday, personal income and outlays data for March will give insight into consumer earning and spending—the largest drivers of the U.S. economy. The Conference Board’s consumer confidence index for April will be published on Wednesday. And on Friday, economists expect the April employment report to show a gain of 185,000 jobs in the month, with the unemployment rate holding steady at 3.8%. Average hourly earnings are estimated to have increased 0.3% in the month, for 3.3% year-over-year growth.
The other highlight of the week will be Wednesday’s Federal Open Market Committee monetary policy decision and post-meeting press conference. Federal Reserve officials are widely expected to leave interest rates unchanged, at a range of 2.25% to 2.50%.
Monday 29
Alphabet, MGM Resorts, SBA Communications , Spotify Technology , and Western Digital report earnings.
Boeing and Honeywell International hold their annual meeting of stockholders in Chicago and Morris Plains, N.J., respectively.
The Bureau of Economic Analysis releases personal income data for March. Economists forecast a 0.4% rise in personal income after a 0.2% gain in February. Personal spending for February is seen rising 0.7%
The Federal Reserve’s favored inflation gauge, the Personal Consumption Expenditure Price Index, is expected to have risen 1.4% year over year in February, roughly in line with January’s reading. The Core PCE, which excludes volatile food and energy prices, is forecast to have risen 1.9%, roughly even with January’s rate.
Tuesday 30
Advanced Micro Devices , Amgen ,Apple, ConocoPhillips , Eli Lilly ,General Electric,General Motors,Mastercard, McDonald’s ,Merck, Mondelez International , and Pfizer release quarterly results.
The National Association of Realtors releases its Pending Home Sales Index for March. Consensus estimates are for a 2.3% jump after a 1% fall in February.
The Institute for Supply Management reports its Chicago Purchasing Managers’ Index for April. Economists expect a 58 reading, down from March’s 58.7.
The Conference Board releases its Consumer Confidence Index for April. Expectations are for a 125.4 reading, a slight bump from March’s 124.1.
Wednesday 1
Automatic Data Processing , CME Group ,CVS Health,Estée Lauder,Humana,Qualcomm, and Square report earnings.
Many global markets, including those in China and Germany, are closed in observance of International Workers’ Day—also known as Labor day.
ADP releases its National Employment Report for April. Consensus estimates are for a gain of 175,000 nonfarm private-sector jobs after a modest increase of 129,000 in March.
The Institute for Supply Management releases its Manufacturing PMI for April. Expectations are for a 54.9 reading, roughly even with March’s data.
Thursday 2
Activision Blizzard , Arista Networks ,CBS,Cigna,Dow, DowDuPont, Expedia Group ,Kellogg,Under Armour, and Zoetis hold conference calls to discuss quarterly results.
The BLS releases productivity and labor-costs data for the first quarter. Nonfarm productivity is expected to rise 1%, compared with 1.9% in the last quarter for 2018. Unit labor costs are expected to jump 2.7%, up from 2% in the fourth quarter of last year.
Friday 3
American Tower,Cboe Global Markets,Dominion Energy, and Noble Energy report quarterly results.
The BLS releases its Employment Situation Summary for April. Economists forecast a 175,000 rise in nonfarm payrolls, down from March’s 196,000 gain.
Week's Highlight
Wednesday 1 The FOMC announces its monetary-policy decision. The central bank is widely expected to keep its benchmark federal-funds rate unchanged at 2.25% to 2.5%.
--Robert Teitelman and Dan Lam
Email: editors@barrons.com
https://www.barrons.com/articles/apple-ge-gm-stocks-earnings-51556395535
2019-04-28 15:00:00Z
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