What will shake the market: Tesla and Procter & Gamble earnings
The US stock market tried to hold on to gains reached late in the day on Tuesday as a series of earnings reports created a positive mood in the market.
Recession worries remain as the US Federal Reserve is heading straight for an expected fourth consecutive 0.75 percentage point rate hike. The Fed is determined to curb inflation, even if it means inflicting some pain, which in recent weeks has encouraged investors to move away from risky assets.
This week will continue to publish earnings reports for airlines, consumer goods companies, technology companies and others. About 60 S&P 500 companies will release their latest data this week.
In addition, there will be data that could show how the US housing market is holding up in the face of a rising mortgage rate, while interested buyers remain on the sidelines. Also on Wednesday, the Fed’s Beige Book will be released, and investors will get an idea of the state of business and the economy in various regions of the United States.
3 events that could affect the market today:
Tesla Inc (NASDAQ:TSLA), the electric vehicle company owned by billionaire Elon Musk, is expected to report $1.03 a share in earnings on $22.5 billion in revenue.
Homewares giant Procter & Gamble Company (NYSE:PG) is expected to report earnings of $1.56 per share on revenue of $20.4 billion.
Tech giant International Business Machines (NYSE:IBM) is expected to report earnings of $1.79 per share on revenue of $13.5 billion.