U.S. Stocks Set for Lower Open as Earnings Week Kicks Off

U.S. stocks are expected to start the week on a downward trend, as investors gear up for a busy week of earnings reports and the release of first-quarter gross domestic product (GDP) data.

GDP Data Announcement

The Bureau of Economic Analysis is scheduled to release its initial estimate of first-quarter GDP growth on Thursday. Analysts anticipate a seasonally-adjusted annual growth rate of 1.8%, following a 2.1% increase in 2022.

Pre-Market Outlook

As of 6:26 p.m. EDT on Sunday, Dow Jones Industrial Average futures were down 45 points, constituting a 0.1% decrease. S&P 500 futures and Nasdaq Composite futures also experienced declines of 0.2%.

Oil Futures

Crude oil futures, including West Texas Intermediate (U.S.) and Brent crude (international), experienced modest decreases. West Texas Intermediate fell 0.3% to $77.65 per barrel, while Brent crude dropped 0.2% to $81.53 per barrel.

Upcoming Earnings Reports

This week will see approximately 180 companies listed on the S&P 500 reporting their earnings. Notable companies set to release their reports on Monday include Ameriprise Financial, Brown & Brown, Cadence Design Systems, Coca-Cola, and First Republic Bank. On Tuesday, earnings reports are expected from companies such as 3M, Alphabet, Biogen, General Electric, General Motors, Kimberly-Clark, McDonald’s, Microsoft, PepsiCo, Raytheon Technologies, Texas Instruments, United Parcel Service, Verizon Communications, and Visa.

Further earnings reports are scheduled throughout the week from companies like American Tower, Boeing, eBay, Mattel, Meta Platforms, Norfolk Southern, Old Dominion Freight Line, Thermo Fisher Scientific, Amazon.com, American Airlines, Caterpillar, Comcast, Eli Lilly, Hasbro, Hershey, Intel, Mastercard, Merck, Mondelez International, Newmont, Northrop Grumman, Southwest Airlines, T-Mobile US, Charter Communications, Chevron, Colgate-Palmolive, and Exxon Mobil.

Key Economic Events

Aside from earnings releases, several important economic events are on the horizon this week. On Tuesday, the Conference Board will release the Consumer Confidence Index for April, while the Census Bureau will report residential sales data for March. Additionally, S&P CoreLogic is set to release its Case-Shiller National Home Price Index for February.

Wednesday will bring the release of the durable goods report for March from the Census Bureau. Thursday will see the Bureau of Economic Analysis provide its preliminary estimate of first-quarter GDP growth. Finally, on Friday, the BEA will report personal income and outlays for March.