Wall Street has no breathing room this week as August kicks off with a flood of economic data, high-stakes Fed talk, and earnings reports from more than a hundred S&P 500 companies.
This week’s calendar includes PMI prints, a bond auction, weekly labor figures, and speeches from five Federal Reserve officials; all stacked up in the same four-day stretch. And just as traders start unpacking that, names like Pfizer, AMD, Disney, and Eli Lilly are scheduled to drop their latest numbers.
The madness begins Monday with July’s S&P Global Services PMI, followed by the ISM’s Non-Manufacturing PMI on Tuesday. Those reports will give a real-time look into whether the service side of the U.S. economy is still running hot.
On Wednesday, the Treasury is auctioning 10-year notes, which will test demand for long-term debt. Thursday closes out the macro data cycle with the weekly jobless claims report, a key signal for how strong the labor market still is.
Meanwhile, Fed officials will speak five separate times this week. That’s five different chances for them to either calm or spook investors with comments on inflation, rate cuts, or anything else markets aren’t prepared to hear.
Earnings from 120 S&P 500 firms, including Pfizer, AMD, and Disney
Roughly 120 companies in the S&P 500 will publish quarterly earnings in the days ahead, with Pfizer, AMD, Disney, Super Micro Computer, and Eli Lilly among the most watched. This comes after major names like Microsoft, Apple, Amazon, and Meta released their reports last week. So far, two-thirds of the index has reported, with over 82% beating expectations, according to data from FactSet.
Pfizer will post results before Tuesday’s opening bell, followed by an earnings call at 10 a.m. Last quarter, the company beat estimates while trimming costs. This quarter, analysts at LSEG expect a small drop in year-over-year profit.
Investors are watching how Donald Trump’s effort to cut drug prices might weigh on future earnings. Bank of America’s Tim Anderson said the call will likely mention “RFK Jr and possible risks to vaccines; [and] obesity franchise aspirations and/or other early pipeline opportunities like PFE’s next-gen PCV vaccines.”
Historically, Pfizer has topped earnings expectations 87% of the time, based on data from Bespoke Investment Group. Advanced Micro Devices reports Tuesday after market close, with its call set for 5 p.m.
Last quarter, AMD posted solid earnings but warned about a $1.5 billion revenue loss tied to U.S. limits on chip sales to China. This time, LSEG’s analysts see profit dropping nearly 30% year-over-year, while revenue could climb over 25%.
Super Micro Computer will also report earnings after Tuesday’s close, with a conference call scheduled for 5 p.m. Last quarter, the company issued weak guidance and pointed to economic uncertainty and tariff risks. LSEG data suggests this quarter could bring a steep decline in earnings.
JPMorgan’s Samik Chatterjee put the company on “negative catalyst watch,” citing tight margins and rising competition. He said those two factors “drive downside to the premium valuation multiple SMCI shares are currently trading at.” Super Micro only beats estimates 64% of the time, but on average, the stock gains 2.3% when it releases earnings.
Disney and Eli Lilly will test investor nerves midweek
Disney is scheduled to report on Wednesday morning with an 8:30 a.m. earnings call. Last quarter, the company surprised analysts with stronger-than-expected growth in its streaming business. LSEG projects a 7% year-over-year rise in profit this time, but shares are under pressure.
Disney stock has dropped more than 5% in the past month, even as the S&P 500 edged higher. Bespoke data shows Disney has beaten expectations in seven of its last eight quarters.
Eli Lilly will publish earnings early Thursday, with a call at 8:30 a.m. The company posted a 45% jump in sales last quarter, fueled by demand for its obesity treatment Mounjaro. Analysts at LSEG expect 40% growth this time.
Traders will want to hear updates on Mounjaro, especially after Lilly said it matched the heart health benefits of its diabetes drug Trulicity in a recent head-to-head trial. Lilly usually beats forecasts, 66% of the time, but its stock rarely benefits on earnings day. On average, it drops 0.2%.
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