Monday Morning Meeting Notes (07/24/2023)

General Info:

• Fun Fact: In 1905, an 11-year-old accidentally invented popsicles. Frank Epperson left a mixture of water and powdered soda flavoring outside overnight with a wooden stirrer in the cup. When he discovered the mixture had frozen, the “Epsicle” was born. Years later, Frank had kids of his own, and they referred to the treats as “Pops’ ‘sicle.” The name was catchy, so Frank patented it in 1923, and the popsicle was born
• Fun Fact II: Saturday July 29^th is National Chicken Wing Day and National Lasagna Day – sounds like lunch and dinner are sorted

Monday 07/24:

• NXP Semiconductors and Domino’s Pizza report earnings
• S&P Global Services PMI data for the Eurozone, U.K., Germany, France, and Japan
• S&P Global Manufacturing PMI data for the Eurozone, U.K., Germany, France, and Japan
• Taiwan industrial production for June

Tuesday 07/25:

• Microsoft, Alphabet, Visa, 3M, GE, Danaher, Dover Corp, Kimberly-Clark, Sherwin-Williams, and Raytheon report earnings
• U.S. Conference Board consumer confidence index for July
• South Korea reports Q2 2023 GDP data

Wednesday 07/26:

• Meta Platforms, AT&T, Coca-Cola, Airbus, General Dynamics, Owens Corning, Carlisle Companies, Chipotle Mexican Grill, eBay, PROG Holdings, and Mattel report earnings
• Federal Reserve (Fed) monetary policy decision, followed by Chair Jerome Powell’s press conference
• Market participants expect a 0.25% rate hike, which would bring the fed funds rate to a target range of 5.25-5.50%
• U.S. new home sales for June

Thursday 07/27:

• AbbVie, Bristol-Myers Squibb, Comcast, Tractor Supply, Hershey, SPS Commerce, Canadian Pacific Railway, Norfolk Southern, McDonald’s, Harley-Davidson, T-Mobile, and Honeywell report earnings
• U.S. Q2 2023 GDP data, which is expected to have increased at an annualized pace of 1.8%
• European Central Bank (ECB) monetary policy decision, which will be followed by President Christine Lagarde’s press conference
• Market participants expect a 0.25% rate hike, bringing the main refinancing rate to 4.25%

Friday 07/28:

• Procter & Gamble, U.S. Steel, Chevron, Exxon Mobil, Aon PLC, and Church & Dwight report earnings
• U.S. personal income and spending for June, which includes personal consumption expenditures (PCE)
• PCE is expected to have risen 0.2% month-over-month and 3.0% year-over-year
• Core PCE, which excludes volatile food and energy costs, is expected to have increased 0.2% month-over-month and 4.2% year-over-year
• U.S. University of Michigan consumer sentiment for July
• Bank of Japan (BOJ) monetary policy decision, which is expected to show no change in interest rates
• Eurozone economic confidence and consumer confidence data for July