Earnings Reports and Jobs Data Set to Drive Wall Street
Corporate earnings and jobs reports are set to dominate Wall Street this week. The latest batch of profit updates could help investors gauge how households are spending money amidst high inflation.
The strong profit growth from more than half of companies within the S&P 500 has contributed to major indexes setting records throughout the year. This week's earnings reports, including those from Clorox, Marriott International, and McDonald's on Monday and Tuesday, will be scrutinized for signs of whether rising stock values are justified.
Elon Musk's SpaceX, which made its market debut in June, releases its earnings on Tuesday, with the stock having surged well above its opening price before falling back. Online travel company Expedia Group reports earnings on Wednesday.
The U.S. jobs market is also a key focus this week, with updates including job openings for June and the monthly employment report for July due out on Friday. Employment has been one of the stronger areas of the economy but slowing job growth amid inflation concerns could impact Federal Reserve interest rate policy decisions.