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Last week was productive for the S&P 500, which briefly surpassed 5,500 points for the first time ever. This was mainly due to the continued rise of Nvidia, which is now the most valuable company in the world, with a market cap of more than $3 trillion.
Here’s what’s coming in the week ahead.
More tech and finance conferences
As was the case last week, investors will also see many conferences related to technology and finance this week. In San Francisco, the Design Automation Conference will take place from Sunday to Thursday. An AI conference named the “AI Engineer World’s Fair” will also take place in San Francisco on Tuesday and end on Thursday.
Additionally, the Digital Banking Conference will take place in Boca Raton, Florida, on Monday and run for two days. One session will focus on generative AI and its risks and rewards.
Micron and FedEx to report earnings
Semiconductor company Micron Technology will report earnings for the fiscal quarter ending May 2024 on Wednesday after the closing bell. According to Zacks Investment Research, consensus earnings for the quarter will be $0.38 per share. For the same quarter last year, EPS was $-1.57.
The Boise, Idaho-based company reported better-than-expected earnings in the last quarter, thanks to the AI boom. The chipmaker reported revenue of $5.82 billion in its last earnings report, surpassing Street forecasts of $5.33 billion.
Micron has been labeled as one of the “three horsemen of AI,” along with Nvidia and Broadcom. The chipmaker is projected to report a 76% increase in earnings compared to this time last year.
FedEx will report earnings for the fiscal quarter ending May 2024 after the closing bell on Tuesday. According to Zacks Investment Research, consensus earnings per share for the quarter will be $5.34. For the same quarter last year, the shipping giant’s EPS was $4.94.
Carnival and Nike are hoping for better results
Carnival will report earnings on Tuesday before the market opens. Zacks Investment Research expects the consensus EPS forecast for the quarter to be -$0.01. The reported EPS for the same quarter last year was -$0.31.
The cruise operator acknowledged earlier this year that the Baltimore Bridge collapse and conflict in the Red Sea could affect its full-year earnings. For its business growth, Carnival’s sister line Princess Cruises announced on Friday an exclusive VIP package for its late August Love Boat-themed cruise, aimed at “The Love Boat” fans.
Nike is betting on the 2024 Summer Olympics in Paris to help it turn around its slump in sales. The athletic apparel firm will disclose its earnings on Thursday after the closing bell. The consensus earnings per share forecast for the quarter is $0.86, according to Zacks Investment Research. For the same quarter last year, earnings per share were $0.66.
Among other major companies, General Mills and Paychex will report their earnings on Wednesday, and Walgreens will release its report on Thursday.
Other macroeconomic indicators due this week
The Census Bureau will post its latest residential housing sales report on Thursday, and its Advance Economic Indicators report (International Trade, Retail, & Wholesale) on Friday.