Start of Q2 earnings season with positive market gains, key economic data expected

From Nasdaq: 2024-07-22 11:14:00

This week marks the start of the second quarter earnings season, with 845 companies set to report. Notable companies like Alphabet and Tesla will share their results. Key economic data, including the latest PCE report, is expected. Market bounces back after last week’s corrections, with Dow, S&P, Nasdaq, and Russell all showing positive gains.

Important economic reports are due this week, such as Existing and New Home Sales, PMI Manufacturing and Services, Jobless Claims, Durable Goods Orders, and Q2 GDP. Inflation is expected to be at +2.5% year over year for June. Major companies like GM, GE, Lockheed Martin, and UPS will also report earnings.

Verizon reports Q2 earnings, beating EPS estimates but missing on revenue slightly. The company shows modest revenue growth and an increase in broadband subscribers. Despite the earnings beat, shares are down 3.5% at this hour. Demand for clean hydrogen energy is on the rise, with projected growth reaching $500 billion by 2030.

As the earnings season continues, other “Mag 7” companies like Microsoft and Apple are expected to report next week. Investors are closely monitoring key economic indicators and company earnings reports for market trends and insights. To stay informed on the latest developments, visit Zacks.com for more information and analysis.



Read more at Nasdaq: Q2 Earnings in Full Swing This week