What to Expect in the Week Ahead (MSC and STZ Earnings; Nonfarm Payrolls Report)

Moomoo Breakfast US wrote a column · Jun 30 04:06

What to Expect in the Week Ahead (MSC and STZ Earnings; Nonfarm Payrolls Report)

Next week, $MSC Industrial Direct (MSM.US)$ ) and $Constellation Brands (STZ.US)$ are the two companies scheduled to announce their earnings, and we will receive multiple important labor market updates.

Earnings Preview

The market anticipates that $MSC Industrial Direct (MSM.US)$ will announce a decrease in earnings compared to the previous year, along with a reduction in revenues, when it discloses its financial outcomes for the quarter concluding in May 2024. This earnings report is projected to be made public on Tuesday.

Before the market opens on Wednesday, $Constellation Brands (STZ.US)$ , the company behind Modelo and Corona, is scheduled to release its earnings report.

This report will cover the quarter that encompasses the Cinco de Mayo festivities, and analysts anticipate insights regarding the onset of the summer season, which influences the ongoing quarter's performance. Beyond the earnings and the present business conditions, our focus remains on seeking signs of progress within the company's underperforming wine and spirits division.

Macroeconomic Data in the Coming Week: 3 Jobs Reports

The U.S. stock market will not be open on Thursday due to the Independence Day celebration. Even though it's a public holiday, the schedule for U.S. economic events in the next week is still quite full.

Before the 4th of July, crucial ISM data on manufacturing and services will be released. Consensus estimate for the manufacturing index is for a 49.2 reading, slightly higher than the May figure.

Additionally, on Wednesday, the minutes from the Federal Open Market Committee's meeting in June will be released.

The employment data from JOLTS and ADP will pave the way for the release of the nonfarm payrolls report for June, scheduled for Friday. It is expected to show 7.85 million job openings as of the final business day in May, representing a decrease of about 150,000 from April.

Economists expect to see an addition of 180,000 jobs to the payrolls, an unemployment rate that remains steady at 4.0% as it was in May, and a 4% yearly rise in hourly earnings (a slight decrease from May's 4.1% figure).