Monday Morning Meeting Notes (04/29/2024)

General Info:

• U.S. GDP for Q1 2024 grew at a 1.6% annualized pace (vs. expectations of 2.5%) due to a wider trade deficit
• U.S. personal income rose 0.5% and spending data rose 0.8% for March (vs. expectations of 0.5% and 0.6%, respectively), while personal consumption expenditures (PCE) remained sticky
• PCE rose 0.3% month-over-month and 2.7% year-over-year (vs. expectations of 0.3% and 2.6%)
• Core PCE, which is the Fed’s preferred inflation gauge and excludes volatile food and energy costs, rose 0.3% month-over-month and 2.8% year-over-year (vs. expectations of 0.3% and 2.7%)
• Fun Fact: How fast could a woodpecker peck if a woodpecker would peck wood? Downy woodpeckers can peck as fast as 16 times a second, and they can peck upwards of 8,000 times per day

Monday 04/29:

• BBVA, NXP Semiconductors, Welltower, Arch Capital, ON Semiconductor, SBA Communications, MicroStrategy, Paramount Global, and Cushman & Wakefield report earnings
• Eurozone economic and consumer confidence data for April
• Consumer price index (CPI) data for Germany and Spain

Tuesday 04/30:

• Amazon, Eli Lilly, Coca-Cola, Advanced Micro Devices, McDonald’s, Stryker, Eaton, Starbucks, Mondelez, American Tower, PayPal, PACCAR, 3M, Public Storage, Super Micro Computer, GE Healthcare, Gartner, Molson Coors, and TransMedics Group report earnings
• U.S. Conference Board consumer confidence
• Eurozone CPI for April and Q1 2024 GDP data
• Q1 2024 GDP data for Germany, France, Italy, Spain, Mexico, and Taiwan
• Caixin Manufacturing PMI and Non-Manufacturing PMI data
• Japan unemployment, industrial production, and retail sales

Wednesday 05/01:

• Mastercard, Qualcomm, Pfizer, ADP, CVS Health, Glaxo-Smith Kline, KKR, Equinix, MercadoLibre, Estee Lauder, AIG, Kraft Heinz, ANSYS, eBay, PPL Corporation, AerCap Holdings, and Zillow report earnings
• U.S. Federal Reserve (Fed) monetary policy decision, followed by Chair Jerome Powell’s press conference
• No change to the fed funds rate (currently at 5.25-5.50%) is anticipated
• U.S. light vehicle sales for April
• U.S. ISM Manufacturing PMI data for April
• U.S. Job Openings and Labor Turnover Survey (JOLTS) data for March
• S&P Global Manufacturing PMI data for the U.K.
• Macau casino revenue for April

Thursday 05/02:

• Apple, Novo Nordisk, Shell PLC, Linde, ConocoPhillips, Amgen, Booking Holdings, Cigna, Regeneron Pharmaceuticals, EOG Resources, Intercontinental Exchange, Zoetis, Becton Dickinson, Church & Dwight, and U.S. Steel report earnings
• U.S. initial jobless claims and continuing claims data
• S&P Global Manufacturing PMI data for the U.K., Eurozone, Germany, France, South Korea, Taiwan, and India
• Bank of Japan (BOJ) issues the minutes from its March policy meeting and summary of opinions at its April policy session

Friday 05/03:

• Berkshire Hathaway, Hershey, CBRE Group, Balchem Corp, and Adient PLC report earnings
• U.S. employment report for April, which is expected to show 250,000 new jobs added
• The unemployment rate is expected to remain steady at 3.8%
• Average hourly earnings are expected to have risen 0.3% month-over-month and 4.0% year-over-year
• U.S. ISM Services PMI data for April
• S&P Global Services PMI data for the U.S. and U.K.
• Eurozone unemployment data for March, which is expected to have remained at 6.5%