Thursday, July 7 2022

Big tech: Amazon is the latest of the big tech companies to report earnings this week. Wall Street predicts the e-commerce giant will have generated more than $137 billion in revenue in the three months to Dec. 31, potentially a quarterly record, though the year-over-year growth rate could pull back at one of its slowest paces in the pandemic.

American companies: Other filers today include drugmaker Merck, oil producer ConocoPhillips, private equity firm Carlyle Group and retailer Ralph Lauren. It all came out before the opening bell on Wall Street, while Ford, recently acquired video game maker Activision Blizzard, cleaning products company Clorox and News Corp were among those reporting this afternoon.

Works: US jobless claims are expected to show new claims for job benefits rose by 245,000 in the week ended Jan. 29, from 260,000 the previous week. Other economic data predicts factory orders fell 0.2% month-on-month in December and the pace of U.S. services sector expansion moderated in January .

The American President: Joe Biden visits New York today for a meeting with Eric Adams, the newly elected mayor. The US president’s hope is that Adams will help him reassure anxious voters that Democrats can be trusted to deal with a surge in violent crime in major cities that has been exacerbated by the pandemic.

US Senate: The chamber will vote on the final nominees to join the Federal Reserve Board of Governors. Lisa Cook, an economics professor at Michigan State University, Philip Jefferson, a former Fed board research economist, and Sarah Bloom Raskin, a former assistant secretary of the US Treasury during the Obama administration, are expected to be grilled by the Senate Banking Committee today. The three are expected to face a tough race during the confirmation process, but could lead Cook to become the first black woman to serve on the Fed’s board of governors.

Markets: US futures were pointing lower, the tech-heavy Nasdaq is expected to open down 2% and the S&P 500 down 1%.

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