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Day Ahead: 3 Things to Watch for July 30

Published 07/29/2020, 03:55 PM
Updated 07/29/2020, 03:56 PM
© Reuters.

© Reuters.

By Christiana Sciaudone

Investing.com  -- Markets closed higher Wednesday after the Fed, as expected, left interest rates unchanged and signaled ongoing support for the economy.

Boeing (NYSE:BA) fell after reporting mixed quarterly results. Shopify (NYSE:SHOP) Inc fared better, rallying as the e-commerce company delivered blowout second-quarter results, with earnings and revenue topping analysts' consensus estimates. General Electric (NYSE:GE) posted a bigger-than-expected quarterly loss as its performance was hurt by weakness in its jet-engine business, sending its shares more than 3% lower.  

Facebook (NASDAQ:FB), Alphabet (NASDAQ:GOOGL), Amazon.com (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) provided testimony in a Congressional hearing on antitrust in Big Tech.  

Here are three things that may move markets tomorrow: 

Tech earnings ahead

Alphabet is set to report earnings per share of $8.04 on $37.3 billion in revenue for the second quarter. That would be the lowest EPS in three years, according to data compiled by Investing.com.

Amazon is expected to publish earnings per share of $1.38 on revenue of $81.09 billion. The stock has 37 buy ratings, two holds and no sells, with an average price target of $3,206.52.

Apple should report earnings per share of $2.02 on sales of $51.77 billion. Shares are trading at an all-time high.

Facebook should publish earnings per share of $1.39 on sales of $17.3 billion. The stock also is trading at a record. 

Eco data coming up

U.S. second quarter gross domestic product probably tumbled 34%, the largest drop on record. 

The number of Americans applying for initial unemployment benefits is estimated at 1.3 million compared to 1.4 million for the previous week. Claims have pulled back from a record 6.86 million in late March. 

Florida in focus

NASA is scheduled to send its Mars 2020 Perseverance Rover to Mars from Cape Canaveral.

Also in Florida, the National Basketball Association starts playing in a “bubble” at Walt Disney (NYSE:DIS) World Resort in Orlando. 

 

 

 

 

 

 

 

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