What to Watch in the Day Ahead - Thursday, July 31

Reuters
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What to Watch in the Day Ahead - Thursday, July 31

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Apple is poised to deliver its fiscal third-quarter earnings results, with Wall Street expecting a modest but steady revenue increase. The anticipated growth comes as the tech giant navigates a complex landscape of artificial intelligence competition, escalating tariff pressures and evolving market dynamics in key regions like China.Amazon.com is expected to report a rise in second-quarter revenue, helped by market share gains in its retail business and strong growth in its cloud computing unit. Investors will be focused on the company's commentary on inventories and retail business outlook amid global trade uncertainties, while AI investments and progress will also be on top of mind.On the U.S. economic front, the Commerce Department's Bureau of Economic Analysis is set to report the personal consumption expenditures (PCE) price index probably nudged up 0.3% in June, compared with a 0.1% gain in May. On an annual basis, the PCE price index likely rose 2.5% in June, after rising 2.3% the month before. Meanwhile, the core PCE price index for June is expected to have increased 0.3%, following May's 0.2% gain. Annually, the core PCE price index likely edged up 2.7%. Additionally, personal income likely grew 0.2% last month, after registering a 0.4% fall in May. Separately, the Labor Department is due to report that initial claims for unemployment benefits probably rose by 7,000 to 224,000 for the week ending July 26. Meanwhile, continuing claims are projected to increase to a seasonally adjusted 1.955 million for the week ending July 19.Bristol Myers Squibb is expected to report its second-quarter results. Investors will closely watch for any changes to the drugmaker's annual outlook, any comments on potential pharmaceutical tariffs and the performance of its schizophrenia drug Cobenfy. Focus will also be on details about plans to sell its blood thinner Eliquis through a direct-to-consumer channel and whether that program could be expanded for other branded medicines. Biogen is expected to report second-quarter earnings. Investors will look for the company's comments outlook for the year as well as sales of its Alzheimer's treatment Leqembi and plans to diversify beyond its aging multiple sclerosis treatments. AbbVie is scheduled to report its second-quarter earnings. Investors will focus on tariff commentary, any changes to its annual forecast, the sales erosion of its rheumatoid arthritis drug Humira and the performance of Skyrizi and Rinvoq.Mastercard is expected to report a higher second-quarter profit, boosted by strong spending from higher-income consumers on travel and leisure. Analysts and investors are expected to focus on the potential impact of tariffs on discretionary spending.Global buyout giant KKR is scheduled to report second-quarter results. Analysts expect higher profit, thanks to asset sales and a surge in fee-related earnings.Pringles maker Kellanova is expected to post a slight decline in second-quarter revenue, as consumer spending weakened in the U.S. on macroeconomic uncertainty stemming from U.S. President Donald Trump's trade tariffs. Investors will look out for comments on efforts to reduce tariff impact, annual forecasts and on consumer sentiment.Howmet Aerospace is expected to report higher second-quarter profits as the supplier of castings and fasteners benefits from strong airline demand for planes.CVS is expected to report its second-quarter results. Investors will look for any changes to the healthcare conglomerate's annual forecast as well as comments on its medical costs and the performance of its pharmacy benefit management unit.Health insurer Cigna is expected to report second-quarter results. Investors are expected to look out for any changes to the company's guidance as well as comments on its medical costs, which have been elevated across the industry.Comcast is expected to report a rise in studio revenue in the second quarter, thanks to blockbuster releases hitting the box office during the period.NYSE-owner Intercontinental Exchange is expected to report a higher second-quarter profit, underpinned by robust energy and rates trading. Analysts and investors will closely parse management's commentary on the listings pipeline. S&P Global is expected to report a higher second-quarter profit. Investor focus will be on management's commentary for the ratings business after strong June credit issuance. Cryptocurrency exchange Coinbase Global is set to report a rise in second-quarter profit, helped by strong trading volumes.Reddit is expected to report higher second-quarter revenue, driven by growing digital advertising spending on the social media platform. Investors will be looking for commentary on any potential impact on the company's daily active unique visitors due to Google's algorithm changes and use of AI overviews.Roblox is expected to report a sharp jump in second-quarter bookings as it benefits from increased engagement and monetization on its videogame platform. Investors will be looking to see whether the company is able to reach 100 million daily active users this quarter, and hear more about Roblox's plans for the platform. Roku is expected to post a rise in second-quarter revenue, helped by customers moving to ad-based streaming.Bleach maker Clorox is expected to post a modest rise in fourth-quarter revenue, given steady growth for its household products, but global trade uncertainties will cast a shadow on future prospects. Investors will watch out for any comments on consumer pushback on higher prices and their impact on the company's performance.Home improvement firm Masco is expected to post a decline in second-quarter revenue, hurt by choked consumer spending on macroeconomic uncertainty stemming from U.S. President Donald Trump's trade tariffs. Investors will look for comments on consumer spending, annual forecasts and efforts to reduce tariff exposure.Bombardier is expected to report slightly lower second-quarter revenues compared with the same period a year earlier as the private jet maker wrestles with supply chain challenges, but sees stronger demand for aircraft.Luxury parka maker Canada Goose is expected to post a rise in first-quarter revenue, helped by steady demand for its products from regions including China. Investors will look out for comments on the impact of tariff on consumer sentiment, demand, pricing, input costs as well as annual forecasts.Norwegian Cruise Line Holdings is expected to report a rise in second-quarter revenue, helped by resilient demand for its pricier cruise vacations.Canada's statistics agency is expected to report that the economy likely contracted 0.1% in the month of May.On the Latin American front, Brazil's statistics agency, IBGE, is expected to show that the unemployment rate likely rose to 6% in June, down from 6.2% in the prior month. Additionally, the country's primary budget surplus data for June is projected to show the budget deficit widened to 40.9 billion Brazilian reais from 33.74 billion Brazilian reais posted in May. Meanwhile, Chile's statistics agency is due to report that manufacturing production likely increased 6.4% in June on a yearly basis.

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(Compiled by Lactus Fernandes in Bengaluru; Edited by Vijay Kishore)

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