The Week Ahead on Wall Street

Economic Data

Today, the US manufacturing sector will be in focus with two key data points set for release. First up will be S&P Global’s final print of July manufacturing PMI. The initial flash reading showed the first contraction in business activity in two years. The July ISM manufacturing index is also due. In June the reading fell more than 2%, month-over-month. Also keep an eye out for May’s construction spending, which is considered a good way to check the overall health of the economy.

Tomorrow all eyes turn to the job market as the June JOLTS report is due. This tracks both job quits and openings. Job openings and quits declined in May but the number of open positions still outnumbered available workers by nearly two-to-one.

Wednesday, the market will get a snapshot view into how the services sector performed last month. S&P Global’s services PMI and ISM’s services index are set for release. June’s factory orders are also due. Some real estate data is on the way as the second-quarter’s rental vacancy rate and homeowner vacancy rate will be published.

Thursday, jobless claims will be released by the Labor Department. Last week’s number of initial claims fell after hitting an eight month high. June’s trade deficit is also due.

Finally, on Friday, July’s nonfarm payrolls are set for release. The economy added 372,000 jobs in June, exceeding the expectation of economists, who had predicted just 250,000. While the economy has largely struggled this year, the job market has remained a relative bright spot. Watch for July’s unemployment rate, which held steady at 3.6% in June. July’s average hourly earnings and the labor force participation rate will also be published.

Earnings

Today, video game giant Activision Blizzard (ATVI) is among the companies reporting earnings. Last week an analyst at research firm MoffettNathanson made the case that Microsoft’s (MSFT) acquisition of Activision Blizzard will eventually receive regulatory approval. The deal was first announced in January. Also watch for insurance titan Aflac (AFL) to post earnings.

Tomorrow, Starbucks (SBUX) will hand in its latest report card, providing investors a snapshot into aspects of consumer spending and how inflation is making an impact. The company recently announced the closure of some stores in order to ensure worker’s safety. JetBlue (JBLU) is also scheduled to share results, after just securing its acquisition of Spirit Airlines (SAVE) last week.

Wednesday, travel website Booking.com (BKNG) will publish earnings during what’s been a period of soaring demand for the sector. Booking has a summer promotion in partnership with The Smiley Company, who made the iconic smiley face logo 50 years ago. It offers savings on so-called “Smiley Stays.” Retail pharmacy chain CVS (CVS) will report earnings as well.

On Thursday morning pharmaceutical company Eli Lilly (LLY) is scheduled to hold an earnings call. In late June the drugmaker announced it would supply the US government with additional doses of its COVID-19 antibody drug so as to meet demand through the latter part of this month.

Friday, sports betting and fantasy sports company DraftKings (DKNG) will release its second quarter results. Last week DraftKings announced its $1 million season-long NFL Pick’Em Pool Contest will have a reduced entry fee this year. It was $1,500 for 2021’s contest but is now set at $250.

The Week Ahead at SoFi

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