AMD earnings, Uber Technologies, Pfizer reports: 3 things to watch
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Investing.com -- Stocks were muted on Monday as a deluge of megacap earnings started to hit this week, and as investors await this week's jobs report for July.
This week's reports include earnings from Apple (NASDAQ: AAPL) and Amazon.com (NASDAQ: AMZN), which follow positive earnings reports from Meta Platforms and Alphabet (NASDAQ: GOOGL) last week. Strong earnings have helped boost stocks, which have already been rising this year on the prospect of the Federal Reserve nearing the end of its interest rate increases.
The Nasdaq is up nearly 37% this year so far, also fueled by hopes for the growth of artificial intelligence.
Friday's jobs report for last month is expected to show the economy added jobs, though at a slower pace than in June, but still record-low unemployment. Minneapolis Fed President Neel Kashkari said over the weekend that the U.S. economy has been surprisingly resilient, and that even if unemployment rose to 4% it could still achieve a soft landing, which means no recession, as the Fed pushes inflation back to its 2% target.
The Fed won't meet to decide on rates again until September, but it has its annual conference in Jackson Hole, Wyo., later this month, where policy makers could speak about the outlook for rates and the economy.
Here are three things that could affect markets tomorrow:
1. AMD earnings
Chip maker Advanced Micro Devices Inc (NASDAQ: AMD) is expected to report earnings per share of 57 cents on revenue of $5.3 billion.
2. Uber reports
The ride-hailing firm Uber Technologies Inc (NYSE: UBER) is expected to report a 1 cent a share loss on revenue of $9.3B.
3. Pfizer earnings
Drug maker Pfizer Inc (NYSE: PFE) is expected to report earnings per share of 57 cents on revenue of $13.4B.
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