Twitter fallout, inflation data, Alphabet stock split, bank earnings top week ahead
JPMorgan, PepsiCo, and Delta Air Lines lead the earnings parade
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Surevest CEO Rob Luna and Kingsview Wealth Management CIO Scott Martin on how investors should approach the stock market during record inflation on 'Making Money.'
The big banks will dominate earnings for the upcoming week and investors will also get a fresh update on inflation as well as the first chance to react to Elon Musk's bombshell decision over Twitter.
U.S. stocks ended Friday’s session little changed as the Nasdaq Composite rose 0.12% marking the fifth straight session of gains, the longest winning streak of 2022.
The Dow Jones Industrial Average and the S&P 500 posted modest losses as investors took in the stronger-than-expected addition of 372,000 jobs last month.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44860.31 | +123.74 | +0.28% |
| SP500 | S&P 500 | 6021.63 | +34.26 | +0.57% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19174.297336 | +119.46 | +0.63% |
FOX Business takes a look at the upcoming events that are likely to move financial markets in the coming days.
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Monday 7/11
Twitter shares will be in focus after Elon Musk's bailed on his $44 billion acquisition of the social media giant late Friday on allegations that the company failed to provide key metrics over the amount of fake or spam accounts.
In addition, New York Fed president John Williams will participate in a moderated discussion before the hybrid "Las Call on LIBOR: Final Steps to Transition" conference.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 126.54 | -3.96 | -3.03% |
| TSLA | TESLA INC. | 338.23 | -0.36 | -0.11% |
Target will also hold its online-only Deal Days event through July 13 and Tesla will reportedly shut down its Giga Berlin-Brandenburg plant for two weeks.
GRUENHEIDE, GERMANY - MARCH 22: Tesla CEO Elon Musk attends the official opening of the new Tesla electric car manufacturing plant on March 22, 2022 near Gruenheide, Germany. The new plant, officially called the Gigafactory Berlin-Brandenburg, is pro ((Photo by Christian Marquardt - Pool/Getty Images) / Getty Images)
Tuesday 7/12
PepsiCo will take the earnings spotlight on Tuesday before the market open, while the NFIB's business optimism index will be in focus for economic data.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PEP | PEPSICO INC. | 162.16 | -0.89 | -0.55% |
SoFi shareholders will also vote at the company's annual meeting on whether to grant the company's board the authority to enact a reverse stock split, which is typically used to reduce the number of outstanding shares in order to boost a stock's share price.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SOFI | SOFI TECHNOLOGIES | 15.49 | -0.21 | -1.34% |
In the world of politics, President Biden will host Mexican president Andrés Manuel López Obrador at the White House and Treasury Secretary Janet Yellen will visit Japan ahead of the G20 finance meeting.
U.S. Treasury Secretary Janet Yellen speaks during a news conference, after attending the G7 finance ministers meeting, at Winfield House in London, Britain June 5, 2021. (Justin Tallis/Pool via REUTERS / Reuters Photos)
Amazon will also hold its annual Prime Day sale, which will run through July 13.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 207.86 | +6.41 | +3.18% |
EMPLOYERS ADD 372K JOBS IN JUNE AS HIRING REMAINS STEADY
Wednesday 7/13
Earnings on the docket for Wednesday will include Delta Air Lines and Fastenal before the market open.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 64.14 | -0.34 | -0.54% |
| FAST | FASTENAL CO. | 84.10 | +0.35 | +0.42% |
On the economic data front, investors will digest the consumer price index and core CPI which is expected to rise to 8.8% from 8.6% in the prior read, as tracked by Trading Economics.
Additionally, the Beige Book, the federal budget balance, weekly mortgage applications and the Energy Information Administration's weekly crude stocks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 28.90 | -0.17 | -0.58% |
| USO | UNITED STATES OIL FUND - USD ACC | 71.62 | -0.47 | -0.65% |
On Capitol Hill, the Senate will hold a hearing on lowering energy prices and the House will hold a hearing on fintech and transparency in small business lending. Meanwhile, President Biden will meet with Israeli and Palestinian leaders during a visit to Israel and the Palestinian territories.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| REGN | REGENERON PHARMACEUTICALS INC. | 753.03 | +3.52 | +0.47% |
Other notable events include the FDA's decision on whether to approve Regeneron's COVID-19 treatment for non-hospitalized patients and a vote by the Securities and Exchange Commission to adopt rules boosting disclosures around proxy voting advice.
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Thursday 7/14
JPMorgan Chase, Morgan Stanley, First Republic Bank, Cintas and Conagra Brands will lead earnings before the market open on Thursday, while American Outdoor Brands will deliver its quarterly results after the bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 249.91 | -0.34 | -0.14% |
| MS | MORGAN STANLEY | 131.26 | -2.41 | -1.80% |
| FRC | NO DATA AVAILABLE | - | - | - |
| CTAS | CINTAS CORP. | 226.47 | +2.57 | +1.15% |
| CAG | CONAGRA BRANDS INC. | 27.49 | +0.04 | +0.15% |
As for economic data, investors will take in initial and continuing jobless claims and the producer price index.
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Friday 7/15
Wrapping up the week for earnings will be Bank of New York Mellon, BlackRock, Citigroup, PNC Financial Services, State Street, UnitedHealth Group, US Bancorp, Wells Fargo.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BK | THE BANK OF NEW YORK MELLON CORP. | 81.27 | +0.05 | +0.06% |
| C | CITIGROUP INC. | 69.74 | -0.99 | -1.40% |
| PNC | THE PNC FINANCIAL SERVICES GROUP INC. | 214.20 | +1.73 | +0.81% |
| STT | STATE STREET CORP. | 98.81 | +0.02 | +0.02% |
| UNH | UNITEDHEALTH GROUP INC. | 606.79 | +0.96 | +0.16% |
| USB | U.S. BANCORP | 53.66 | +0.03 | +0.06% |
| WFC | WELLS FARGO & CO. | 77.35 | +0.45 | +0.59% |
Meanwhile, retail sales, industrial production, import and export prices, business inventories and the University of Michigan's consumer sentiment index will finish out the week for economic data.
Alphabet/Google
Alphabet's 20-for-1 stock split will also take effect on Friday after the market close. Shareholders of record as of July 1, 2022, will receive 19 additional shares of Alphabet stock for every one share they own.
Saudi Arabia's Crown Prince Mohammed bin Salman arrives at Kansai airport in Izumisano city, Osaka prefecture, on June 27, 2019 ahead of the G20 Osak. (CHARLY TRIBALLEAU/AFP via Getty Images) / Getty Images)
Other notable events include the release of Cox Automotive and Moody's monthly vehicle affordability index and President Biden's visit to Saudi Arabia where he will meet with Crown Prince Mohammed Bin Salman.