Last week was a productive week for the S&P 500, briefly surpassing the 5,500 mark for the first time in history. This was primarily due to NVIDIA,this is Now the world’s most valuable companyIts market capitalization is over $3 trillion.
Here’s what’s planned for the coming week:
More Technology and Finance Conferences
Like last week, investors will be treated to a number of technology and finance conferences this week. In San Francisco, Design Automation Conference The AI conference “AI Engineer World Fair” also opens in San Francisco on Tuesday and ends on Thursday.
moreover, Digital Banking Conference The two-day event will take place on Monday in Boca Raton, Florida. In one session, Generative AI and its risks and benefits.
Micron and FedEx report earnings
Semiconductor company Micron Technology is set to report its earnings for the fiscal year ending May 2024 after the close of trading on Wednesday. Zacks Investment Research predicts earnings of $0.38 per share for the quarter, compared with $-1.57 per share in the same period last year.
The company is based in Boise, Idaho. Thanks to the AI boom, the company reported better-than-expected profits last quarter.In its last earnings report, the company reported sales of $5.82 billion, beating market expectations of $5.33 billion.
Micron said,The Three Knights of AIThe company ranked alongside Nvidia and Broadcom, ahead of Intel, which is expected to report a 76% increase in profits compared to the same period last year.
FedEx is scheduled to report earnings for the fiscal year ending May 2024 after the close of trading on Tuesday. Zacks Investment Research predicts the company will report earnings per share of $5.34 for the quarter. Last year, the company’s earnings per share for the same quarter were $4.94.
Carnival and Nike are hoping for better results
Carnival will report its earnings before the market opens on Tuesday. Zacks Investment Research predicts that the current quarter’s consensus EPS estimate will be $-0.01 compared to EPS of $-0.31 for the same quarter last year.
Cruise Operator Admitted Earlier this year Baltimore Bridge Collapse The conflict in the Red Sea could affect earnings for the whole year. Carnival’s sister line Princess Cruises announced its exclusive VIP packages on Friday. The company will host a Love Boat-themed cruise for “Love Boat” fans in late August.
Nike is betting on the 2024 Summer Olympics in Paris That could help the company turn around sluggish sales. The sports apparel company is scheduled to report earnings after the close of trading on Thursday. The consensus estimate for earnings per share for the current quarter is $0.86, according to Zacks Investment Research. Earnings per share for the quarter were $0.66 a share in the year-ago period.
Other major companies include General Mills and Paychex, which are scheduled to report earnings on Wednesday, and Walgreens on Thursday.
Other macroeconomic data due for release this week
The Census Bureau is the latest Home Sales Report Thursday, and Leading Economic Indicators Report (International Trade, Retail, Wholesale) on friday.
