The first half of 2024 has ended. The Dow Jones Industrial Average tops 40,000 first time, The S&P 500 and Nasdaq hit new all-time highs. The past six months have also tested the patience of investors who were hoping the Federal Reserve would cut interest rates as inflation subsided.
Interest rates have held steady for now, but next week marks the start of a new quarter and investors are still betting the Fed will cut rates this year.
Let’s see what happens next week. US markets will be closed on Thursday, July 4th for Independence Day.
Tesla may report deliveries
Tesla The company typically releases quarterly deliveries on the second day of a new quarter. The electric-vehicle maker is scheduled to report its second-quarter deliveries on Tuesday.
About 440,000 vehicles are expected to be delivered in the second quarter of 2024, down from about 466,000 a year ago, according to FactSet data.
Q1 2024, Tesla report The company built 433,371 vehicles, of which only 386,810 were actually sold, meaning the automaker had a surplus of 46,561 vehicles that were not sold.
Earnings to watch this week
This week is quiet due to the Independence Day holiday, but there are a few earnings reports investors should keep an eye on.
Constellation Brands Inc., a major beer, wine and spirits producer that reports earnings before the market opens on Wednesday, reported sales growth in the third quarter of 2015. Sales fell last quarter as Americans bought more beer. Wall Street analysts have high hopes for the company, with the consensus EPS estimate being $3.46 per quarter. The EPS reported during the same quarter last year was $2.91.
Cryptocurrency mining company BIT Mining is scheduled to report earnings on Tuesday. Since the quadrennial Bitcoin halving in April, the process of mining new Bitcoins has become significantly less profitable. How the China-based company deals with the halving and what its strategy is to remain profitable will be an area of ​​interest during the earnings report. The company’s reported earnings per share (EPS) were: The same period last year was -$0.39.
SunPower, a solar technology and energy services company, is due to report earnings on Wednesday. It is one of Wall Street’s most shorted stocks. When Roaring Kitty made its comeback in May, its stock price soared, helping lift GameStop and other meme stocks. According to Zacks Investment Research, The consensus is predicting EPS of -$0.29 for the quarter, compared to the EPS reported for the same quarter last year of -$0.11.
