US Market Week Ahead: Earnings Reports, Consumer Credit, and Crude Oil Inventories

May 6, 2024

Earnings season remains in focus this week, featuring notable companies such as American biopharmaceutical company Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), multinational mass media and entertainment conglomerate The Walt Disney Company (NYSE:DIS), prominent entertainment company Warner Bros. Discovery, Inc (NASDAQ:WBD), ride-hailing and food delivery services company Uber Technologies Inc (NYSE:UBER), and online platform for long-term and short-term homestays and experiences Airbnb, Inc (NASDAQ: ABNB).

Monitoring economic indicators such as the March’s Consumer Credit Change is crucial, providing valuable insights into consumer credit usage patterns, which are closely correlated with consumer confidence and spending behavior. Although consumer credit rose in January, it is slower compared to the pace observed in 2022 and 2023, reflecting a steadier approach amid inflationary pressures. Continued strength in consumer spending and lower interest rates later in the year would suggest ongoing growth in consumer credit.

The release of the University of Michigan’s Consumer Sentiment Preliminary for May will offer insights into consumer confidence and spending patterns in the US. Given the slight revision downward in consumer sentiment observed in April, any shifts in consumer behavior will be monitored for their broader economic implications.

Both the American Petroleum Institute (API) and Energy Information Administration (EIA) are releasing data on crude oil stocks. Based on the latest EIA Petroleum Status Report, in the week ending April 26, 2024, commercial crude oil inventories in the US (excluding those in the Strategic Petroleum Reserve) surged by 7.3 million barrels from the previous week. The increase in crude oil stocks suggests a higher supply of oil, which could potentially lead to lower prices if the demand does not match the supply levels.

Investors will also track the US 10-Year Note Auction and the 30-Year Bond Auction, alongside updates on Initial Jobless Claims, to gauge market sentiment and economic stability.

As the US market navigates through earnings season and economic indicators this week, investors are poised to assess the implications for consumer behavior, oil markets, and overall economic stability. With ongoing volatility and uncertainty, staying informed and agile remains paramount for navigating the market landscape.

Disclaimer: ProsperUs Manager of Content Hailey Chung doesn’t own shares of any mentioned companies.

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Hailey Chung

As a lifelong learner, Hailey strives to simplify finance for everyday investors, making it relatable and enjoyable. She desires to support investors with various background, whether they are grappling with limited time and resources in seeking financial freedom or are sincere in stewarding their money well as a token of gratitude for God's provision. With a focus on responsible investing, Hailey balances caution and opportunity, believing life's too short to stress over market fluctuations. Beyond the pursuit of profits, she advocates for investments aligned with building a better world. As Manager of Content at ProsperUs, she leverages her journalism background from The Edge Malaysia, where she honed her skills at the capital and corporate desk.

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