The labor market goes under the microscope in the coming week with the U.S. jobs report for July to be released on Friday, Aug. 4, the sixth full month in President Donald Trump's economy.
A summer lull could feed into the top-line number, pulling the number of jobs added to the U.S. economy to below 200,000 for the third time this year. Economists surveyed by FactSet anticipate 180,500 jobs to have been added to the U.S. economy in July, still a solid pace though slower than the rate of 222,000 in June.
On the plus side, the unemployment rate is expected to fall by 10 basis points to 4.3%. Hourly earnings are expected to have increased 0.3% month on month, picking up from a 0.2% growth rate in June. Year over year, hourly earnings growth is targeted to have held at 2.5%.
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Apple Inc. (AAPL) will dominate a jam-packed earnings calendar in the coming week. The world's largest company is expected to post earnings of $1.57 a share during its quarter that ended in June, a 10% increase from a year earlier. Sales are forecast to have climbed nearly 6% to $44.9 billion.
Oil and mining stocks are also in the spotlight this week. Earnings are expected from Diamond Offshore Drilling Inc. (DO) on Monday; Devon Energy Corp. (DVN) , BP PLC (BP) and Phillips 66 (PSX) on Tuesday; Marathon Oil Corp. (MRO) , Murphy Oil Corp. (MUR) , Murphy USA Inc. (MUSA) , Oasis Petroleum Inc. (OAS) , Occidental Petroleum Corp. (OXY) , Rio Tinto (RIO) , Sandridge Energy Inc. (SD) , Transocean Ltd. (RIG) and Williams Cos. (WMB) on Wednesday; and Chesapeake Energy Corp. (CHK) and Duke Energy Corp. (DUK) on Thursday.
"As we prepare for energy earnings season to get into full swing, we remain on the sidelines because we think earnings will be unimpressive, especially regarding guidance, despite numerous top-line beats," said CFRA Research investment strategist Lindsey Bell in a note. "While there are indications that drilling may be slowing near-term and inventories are becoming more aligned, which should benefit oil prices long term, we prefer to wait until the quarter reports are in and more data on the global oil market is released to get more constructive."
Notable tech and media earnings include Pandora Media (P) on Monday; HCP Inc. (HCP) , Sony Corp. (SNE) , Sprint Corp. (S) and Xerox Corp. (XRX) on Tuesday; 3D Systems Corp. (DDD) , Fitbit Inc. (FIT) , Garmin Ltd. (GRMN) , Groupon Inc. (GRPN) , NXP Semiconductors (NXPI) , Square Inc. (SQ) , Symantec Corp. (SYMC) , Tableau Software (DATA) , Take-Two Interactive Software Inc. (TTWO) , Tesla Inc. (TSLA) , Tronc Inc. (TRNC) and Zygna Inc. (ZNGA) on Wednesday; and AMC Networks Inc. (AMCX) , Etsy Inc. (ETSY) , GoPro Inc. (GPRO) , GrubHub Inc. (GRUB) , Himax Technologies Inc. (HIMX) , Yelp Inc. (YELP) and Viacom Inc. (VIAB) on Thursday.
Drugmaker and healthcare earnings include Pfizer Inc. (PFE) on Tuesday; Cardinal Health Inc. (CAH) , Humana Inc. (HUM) on Wednesday; Aetna Inc. (AET) , Allergan PLC (AGN) , Shire PLC (SHPG) , and Teva Pharmaceuticals Industries Ltd. (TEVA) on Thursday; and Cigna Corp. (CI) on Friday.
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Other earnings of note include HSBC Holdings (HSBC) on Monday; Allstate Corp. (ALL) , Herbalife Ltd. (HLF) , Honda Motor Co. (HMC) and Under Armour Inc. (UA) on Tuesday; Cheesecake Factory Inc. (CAKE) , Chemours Co. (CC) , Container Store Inc. (TCS) , Energizer Holdings Inc. (ENR) , Exelon Corp. (EXC) , MetLife Inc. (MET) , Molson Coors Brewing Co. (TAP) , Mondelez International Inc. (MDLZ) and Sodastream International Ltd. (SODA) on Wednesday; Clorox Co. (CLX) , HSN Inc. (HSNI) , Kellogg Co. (K) , Kraft Heinz Co. (KHC) , Shake Shack Inc. (SHAK) , Weight Watchers International Inc. (WTW) , Western Union Co. (WU) , Wingstop Inc. (WING) , Yum! Brands Inc. (YUM) on Thursday; and Potbelly Corp. (PBPB) and Revlon Inc. (REV) on Friday.
The economic calendar in the coming week also includes: Chicago PMI for July and pending homes sales for June on Monday; monthly motor vehicle sales for July, personal income and outlays, construction spending for June, the PMI Manufacturing Index and the ISM Manufacturing Index for July on Tuesday; the ADP Employment Report for July on Wednesday; factory orders for June and the ISM Non-Manufacturing Index for July on Thursday; and international trade for June on Friday.
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