FAANG components due to release their earnings figures this week
Investors are bracing themselves for increased market volatility this week, as multiple important companies will reveal their earnings reports. Moreover, Federal Reserve’s monetary policy meeting will be in focus.
One of the largest electric carmakers globally, Tesla is due to report earnings today, after the market closes. The expectations are high, given that the company already revealed a record 185K of deliveries.
The streak of earnings continues with Microsoft, Google, Apple, Facebook, Amazon, and Twitter. The first five, which make up approximately 17% of the stock market’s value, are expected to post blockbuster figures, given their dominance in the tech sector. Microsoft and Google are due to report Tuesday, after-hours, accompanied by Starbucks.
At an economic level, the Federal Reserve is expected to keep the interest rates unchanged, between 0.0% - 0.25%.
Besides the earnings, investors will probably keep an eye on the Department of Labor and its weekly unemployment claims and the Bureau of Economic Analysis and its preliminary GDP figures. The data is expected to show the economy expanded at an annual rate of 6.5% in the first three months of 2021. If so, the figures will top the 4.3% growth rate previously reported.
Also, President Biden is expected to detail his “American Families Plan” and the tax increases to pay for it.
It is the busiest week of the quarterly earnings season on Wall Street.
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Sources: investing.com, forexfactory.com, cnbc.com
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