What to watch in the markets this week

The first half of 2024 is on the books. At the time The Dow Jones Industrial Average has exceeded 40,000 points for the first time while The S&P 500 and Nasdaq indices reached new record highs. The past six months have also tested the patience of investors who had been counting on the Federal Reserve to cut interest rates as inflation eased.

This year, Apple has patched many security holes in its devices.

While interest rates have remained steady for now, the coming week marks the start of a new quarter. Investors remain hopeful that the Fed will cut rates this year.

Let’s see what next week will bring. On Thursday, July 4, US markets will be closed for Independence Day.

Tesla can report deliveries

Tesla usually announces its quarterly deliveries on the second day of the new quarter. The electric vehicle maker is expected to announce its second-quarter deliveries on Tuesday.

About 440,000 vehicle deliveries are expected in the second quarter of 2024, down from about 466,000 deliveries the previous year, according to FactSet data.

In Q1 2024 Tesla reported that 433,371 vehicles were produced. Of these, 386,810 were actually sold. This means the carmaker has an additional 46,561 vehicles that it has not sold.

Earnings to watch this week

This week will be quieter due to Independence Day, but investors can watch for a few earnings reports.

Leading beer, wine and spirits producer Constellation Brands will report earnings before the Wednesday bell. The company reported sales growth in in the last quarter due to increased purchases of beer by Americans. Wall Street analysts have high expectations for the company, and the consensus EPS forecast is around $3.46 per quarter. EPS for the same quarter last year was $2.91.

Mining company BIT Mining is expected to report its earnings on Tuesday. After the April Bitcoin halving, an event that happens once every four years, the process of generating new Bitcoin has become much less profitable. In the earnings report, it will be interesting to see how the Chinese company copes with the halving and what its strategy will be to remain profitable. The company’s reported earnings per share (EPS) in the same quarter last year it amounted to -0.39 USD.

SunPower, a provider of solar technologies and energy services, is expected to report its results on Wednesday. It is one of the most traded stocks on Wall Street and surged when Roaring Kitty returned in May, sending GameStop and other meme stocks higher. According to Zacks Investment Research: consensus estimates EPS for the quarter will be -$0.29. Reported EPS for the same quarter last year was -$0.11.