After US stock indices fell sharply on Friday following weak jobs data and stiffer tariffs on several American trading partners, focus of Wall Street investors in the week ahead would be on any further fallout from the non-farm payroll numbers and fresh earnings reports.
Following the jobs data, US President Donald Trump fired the head of the Bureau of Labor Statistics, Erika McEntarfer.
Trump accused the BLS Commissioner of faking the jobs numbers without providing any evidence of data manipulation.
Meanwhile, US Trade Representative Jamieson Greer told CBS that Trump had “real concerns” about the data, while Kevin Hassett, director of the National Economic Council, said the president “is right to call for new leadership.”
The economic calendar in the week ahead will be fairly light with data on services PMI and consumer credit slated to be released.
On the earnings front, market participants will see finacial results from theme park and entertainment giant Walt Disney, pharma majors Pfizer and Eli Lilly.
Economic Calendar
On August 4 (Monday), a report on Factory orders for June will be released.
On August 5 (Tuesday), separate reports on US trade deficit for June, S&P final US services PMI for July, and ISM services for July will be released.
On August 7 (Thursday), separate reports on initial jobless claims for the week ended August 2, US productivity for the second quarter (Q2), wholesale inventories for June, and consumer credit for June will be released.
Earnings
Following companies are due to report second quarter results in the week ahead — Palantir, ON Semiconductor, AMD, Caterpillar, Pfizer, Apollo Global Management, Yum! Brands, McDonald’s, Walt Disney, Shopify, DoorDash, Eli Lilly, ConocoPhillips, Block, and Take-Two.
Markets Last Week
US stocks slumped on Friday as new American tariffs on dozens of trading partners and a weak jobs data spurred selling pressure.
The Dow Jones Industrial Average fell 542.40 points, or 1.23%, to 43,588.58, the S&P 500 lost 101.38 points, or 1.60%, to 6,238.01 and the Nasdaq Composite lost 472.32 points, or 2.24%, to 20,650.13.
For the week, the S&P 500 fell 2.36%, the Nasdaq declined 2.17%, and the Dow fell 2.92%.
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