What to Watch in the Day Ahead - Wednesday, May 22
21/05/2024 19:30
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Nvidia is expected to report a more than three-fold jump in first-quarter revenue at its
earnings, and investors will closely watch for clues on whether the artificial intelligence chip
leader can maintain its growth.
When the Federal Open Market Committee issues minutes from its last monetary policy meeting,
they are expected to reflect more concern about higher-than-expected inflation in the first
quarter, as the meeting was held before last week's consumer price inflation report. The U.S.
central bank signaled at the meeting that it is still leaning towards eventual reductions in
borrowing costs, but acknowledged that disappointing inflation readings meant those rate cuts
could take a while.
Target is expected to post a decline in first-quarter revenue as cautious shoppers remain
selective in spending on essentials amid elevated and sticky inflation. Investors will look out
for comments on the state of the middle—and lower-income consumer, the progress of its new
membership program, Target Circle 360, and freight and shrink.
The U.S. National Association of Realtors is expected to report existing home sales likely rose
to a seasonally adjusted rate of 4.22 million units in April after posting 4.19 million units in
the previous month.
Federal Reserve Bank of Chicago President Austan Goolsbee will give opening remarks before the
hybrid Holding Company Symposium hosted by the Federal Reserve Bank of Chicago. (0940/1340)
Chip designing software firm Synopsys is expected to report higher second-quarter revenue,
helped by growing demand for its software to design chips that are compatible to perform
artificial intelligence processing. Investors will be looking for commentary about any update on
its deal to buy Ansys and the company's deal to sell its software integrity (SIG) unit to a
private equity group led by Clearlake Capital and Francisco Partners in a $2.1 billion deal.
Snowflake is expected to post a 26% increase in revenue in the first quarter, boosted by rising
data management and storage needs of businesses.
Goldman Sachs CEO David Solomon is scheduled to speak to the Boston College Chief Executives
Club lunch meeting.
TJ Maxx parent TJX Cos is expected to post a rise in first-quarter revenue, helped by steady
demand at its off-price stores. Investors will look for comments on demand, impact of costs and
annual forecasts.
VF Corp is expected to post a decline in fourth-quarter revenue as demand for apparel and
footwear struggles amid higher interest rates in the U.S. Investors will look out for comments
on near-term demand trends, promotions and competition as well as updates from the new CFO.
e.l.f. Beauty is expected to post a rise in fourth-quarter revenue as consumers shopped at
retailers and e-commerce platforms for its cosmetic and skincare products. Investors will eye
for comments on consumer demand, efforts to gain market share and the forecast that the company
provides for its next fiscal year.
PDD Holdings is set to report a two-fold increase in first-quarter revenue boosted by a jump in
the popularity of the Temu e-commerce platform.
Argentina's official economic activity data for March is due for release. Additionally, Chile's
central bank is expected to announce its decision on interest rates.
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(Compiled by Nachiket Tekawade in Bengaluru; Editing by Ravi Prakash Kumar)
((Nachiket.Tekawade@thomsonreuters.com;))