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The first half of 2024 is in the books. During that time, the Dow Jones Industrial Average surpassed the 40,000 mark for the first time, while the S&P 500 and the Nasdaq reached new all-time highs. The past six months also tested the patience of investors who were hoping for the Federal Reserve to cut interest rates as inflation cooled.
Apple has fixed multiple security issues with its devices this year
While the interest rates are holding steady for now, the upcoming week marks the beginning of a new quarter. Investors are still hopeful that the Fed will lower the interest rates this year.
Let’s check out what the next week holds. U.S. markets will be closed on Thursday, July 4, for the Independence Day holiday.
Tesla may report deliveries
Tesla usually announces its quarterly deliveries on the second day of a new quarter. The electric vehicle manufacturer is anticipated to announce its second-quarter deliveries on Tuesday.
According to FactSet data, approximately 440,000 cars are expected to be delivered in the second quarter of 2024, a decrease from about 466,000 deliveries the previous year.
In Q1 2024, Tesla reported that it made 433,371 vehicles. Of those, 386,810 were actually sold. This means the automaker has an extra 46,561 vehicles it didn’t sell.
Earnings to watch this week
This week will be quieter due to the Independence Day holiday, but there are a few earnings reports for investors to watch.
Leading beer, wine, and spirits producer Constellation Brands will release its earnings before the bell on Wednesday. The company experienced sales growth in the last quarter due to increased beer purchases by Americans. Wall Street analysts have high expectations for the company, with a consensus EPS forecast of $3.46 for the quarter. The EPS reported for the same quarter last year was $2.91.
Crypto mining company BIT Mining is expected to report its earnings on Tuesday. After the Bitcoin halving in April, an event that occurs once every four years, the process of generating new Bitcoin has become significantly less profitable. It would be interesting to observe in the earnings report how the China-based company is coping with the halving and what its strategy will be to remain profitable. The company’s reported earnings per share (EPS) for the same quarter last year was -$0.39.
SunPower, a solar technology and energy services provider, is expected to report its earnings on Wednesday. It is one of the most short-sold stocks on Wall Street and skyrocketed when Roaring Kitty made a comeback in May, driving up GameStop and other meme stocks. According to Zacks Investment Research, the consensus predicts EPS for the quarter to be -$0.29. The reported EPS for the same quarter last year was -$0.11.
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