What to Watch in the Day Ahead - Wednesday, September 4
03/09/2024 19:33
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U.S. investors will look forward to the Labor Department's Job Openings and Labor Turnover
Survey, or JOLTS report. Job openings likely fell 84,000 to 8.100 million in July. Separately,
Commerce Department data is expected to show factory orders in July rose 4.7% after falling 3.3%
in the previous month. Another report from the same department might show the country's
international trade deficit expanded to $79 billion in July from $73.1 billion in June.
Google and the Justice Department are expected to propose a schedule for the next phase of the
blockbuster antitrust case, where enforcers will seek to remedy the company's monopoly in online
search and related ads. The parties are likely to submit a Joint Status Report, which could
contain a schedule for proceedings regarding remedies.
Hewlett Packard Enterprise is likely to post a rise in its third-quarter revenue as the company
benefits from growing demand for its AI-powered servers capable of high-performance computing,
which can power artificial intelligence applications.
Discount retailer Dollar Tree is expected to post a rise in second-quarter revenue, helped by
steady demand at its stores. Investors will look for comments on demand, the impact of input
costs, supply chain disruption and shrink trends, comments on the sale of Family Dollar
business, and annual forecasts.
Pfizer CFO Dave Denton is expected to speak at the Morgan Stanley 22nd Annual Global Conference
in New York. Investor focus will be on comments about any significant development in the
company's pipeline or deals. At the same event, Biogen CFO Michael McDonell and development head
Priya Singhal are also scheduled to speak. Investors will look out for any comments on its
Alzheimer's drug and the company's pipeline.
Skippy peanut butter maker Hormel Foods is likely to report a marginal drop in third-quarter
revenue as demand recovers for its pantry staples and condiments.
Online vehicle auction services provider Copart is scheduled to report higher fourth-quarter
revenue as vehicle sales continue to rise. Investors would be interested to know how the
company's salvage vehicle sales have grown in the quarter and if they will provide any guidance.
On the Canadian economic calendar, the Bank of Canada is scheduled to announce its monetary
policy decision. Economists expect the central bank to cut its key interest rate by 25 basis
points for a third straight meeting to 4.25%. Additionally, Statistics Canada is likely to
report that the country recorded a trade surplus of C$800 million in July, compared with June's
C$640 million.
For Latin America's largest economy, Brazil, S&P Global Services and Composite PMI readings for
August are scheduled for release. Separately, the country's statistics agency IBGE is set to
report industrial output data, which is projected to fall 0.9% in July after rising 4.1% in the
month prior. On a yearly basis, industrial output likely rose 6.3%.
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(Compiled by Malini K; Editing by Tasim Zahid)
((Malini.K@thomsonreuters.com;))