What to Watch in the Day Ahead - Tuesday, August 27

Nordstrom

26/08/2024 19:30

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The U.S. Conference Board's consumer confidence index for August is forecast to come in at
100.7, after July's 100.3 reading. For the housing market, the Case-Shiller 20-city composite
index is expected to increase 0.3% in June, matching the gain reported in the prior period. On a
year-over-year basis, the index is expected to have increased by 6.1% in June, following a 6.8%
rise the month before.
 
Cybersecurity firm SentinelOne is expected to report higher second-quarter revenue, driven by
demand for its cybersecurity offerings. Investors will be looking for commentary on if it is
gaining market share following the global IT outage caused by a faulty update from rival company
CrowdStrike that has also turned a spotlight on the cybersecurity sector.
 
Nordstrom is expected to post a rise in second-quarter revenue, as the department store chain
benefits from fresher clothing and footwear offerings. Investors will look out for comments on
margin outlook and holiday demand.
 
SpaceX's Polaris Dawn mission is poised to launch billionaire entrepreneur Jared Isaacman, a
retired Air Force colonel and two SpaceX employees to space from NASA's Kennedy Space Center.
The crew will attempt the first-ever private spacewalk two days later.
 
In the realm of Canadian bank earnings, the Bank of Nova Scotia is expected to post a lower
third-quarter profit, hurt by higher loan loss provisions. Bank of Montreal's third-quarter
profit is also likely to drop as the lender is expected to set aside higher provisions for
credit losses. Investors will be closely looking at the bank's U.S. performance, which has been
impacted by the higher-for-longer rate environment.
 
In the Latin American markets, Brazil's statistics agency IBGE is expected to report that the
IPCA-15 consumer price index rose 0.2% in the month to mid-August, slowing down from a 0.3% gain
in the previous month. The nation's annual inflation rate is expected to reach 4.38%.
Separately, Mexico is set to release its trade balance figures for July, with forecast
indicating a deficit of $1.474 billion, an increase from the $1.037 billion deficit recorded the
previous month.
 
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 (Compiled by Malini K; Edited by Shilpi Majumdar)
 ((Malini.K@thomsonreuters.com))