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North American Morning Briefing: Powell's Second -2-

Since 1Q 2022, employment growth in productive sectors has lagged relative to less-productive sectors of the economy, like hospitality and entertainment. The solution, he says, is for the Bank of Canada to cut rates frequently and stimulate activity in the higher-productive sectors. This should prompt a transfer of workers and capital to higher-growth parts of the economy, Rosenberg says. (paul.vieira@wsj.com; @paulvieira)

   
 
 

Expected Major Events for Wednesday

08:00/ITA: May Industrial Production

11:00/US: 07/05 MBA Weekly Mortgage Applications Survey

14:00/US: May Monthly Wholesale Trade

14:00/US: Jun Online Help Wanted Index

14:30/US: 07/05 EIA Weekly Petroleum Status Report

23:01/UK: Jun RICS Residential Market Survey

23:50/JPN: May Orders Received for Machinery

Expected Major Events for Thursday

06:00/GER: Jun CPI

06:00/UK: May Index of production

06:00/UK: May UK trade

06:00/UK: May Index of services

06:00/UK: May Monthly GDP estimates

08:00/FRA: Jul IEA Oil Market Report

08:30/UK: 2Q Bank of England Credit Conditions Survey

08:30/UK: 2Q Bank of England's Bank Liabilities Survey

09:00/FRA: May Balance of payments

11:30/UK: Jun NIESR Monthly GDP Tracker

12:30/US: Jun CPI

12:30/US: Jun Real Earnings

12:30/US: 07/06 Unemployment Insurance Weekly Claims Report - Initial Claims

12:30/US: U.S. Weekly Export Sales

13:00/RUS: Weekly International Reserves

14:30/US: 07/05 EIA Weekly Natural Gas Storage Report

16:00/US: Jun Monthly U.S. Retail Chain Store Sales Index

18:00/US: Jun Monthly Treasury Statement of Receipts and Outlays of the U.S. Government

20:30/US: Federal Discount Window Borrowings

20:30/US: Foreign Central Bank Holdings

Expected Major Events for Friday

04:30/JPN: May Revised Industrial Production

06:00/GER: Jun WPI

06:45/FRA: Jun CPI

12:30/CAN: May Building permits

12:30/US: Jun PPI

14:00/US: Jul University of Michigan Survey of Consumers - preliminary

16:00/US: World Agricultural Supply & Demand Estimates (WASDE)

16:59/GER: May Balance of Payments

All times in GMT. Powered by Kantar Media and Dow Jones.

   
 
 

Expected Earnings for Wednesday

AZZ Inc (AZZ) is expected to report $1.20 for 1Q.

Art's Way Manufacturing (ARTW) is expected to report for 2Q.

Bassett Furniture Industries Inc (BSET) is expected to report $-0.11 for 2Q.

Costco Wholesale Corp (COST) is expected to report.

E2open Parent Holdings Inc (ETWO) is expected to report $-0.08 for 1Q.

Firan Technology Group Corp (FTG.T) is expected to report for 2Q.

Goodfellow Inc (GDL.T) is expected to report for 2Q.

Jewett-Cameron Trading Co Ltd (JCT-T,JCTCF) is expected to report for 3Q.

Madison Pacific Properties Inc (MPC.T) is expected to report for 3Q.

Nemaura Medical Inc (NMRD) is expected to report for 1Q.

Nurix Therapeutics Inc (NRIX) is expected to report $-0.75 for 2Q.

Ocean Power Technologies Inc (OPTT) is expected to report for 4Q.

Platinum Group Metals Ltd (PLG,PTM.T) is expected to report for 3Q.

PriceSmart Inc (PSMT) is expected to report $1.01 for 3Q.

Pure Cycle Corp (PCYO) is expected to report for 3Q.

SunPower Corp (SPWR) is expected to report $-0.27 for 1Q.

Taylor Devices Inc (TAYD) is expected to report for 4Q.

Techprecision Corp (TPCS) is expected to report for 4Q.

Theratechnologies Inc (TH.T,THTX) is expected to report for 2Q.

VOXX International Corp - Class A (VOXX) is expected to report for 1Q.

WD-40 Co (WDFC) is expected to report $1.27 for 3Q.

Wrap Technologies Inc (WRAP) is expected to report for 1Q.

Expected Earnings for Thursday

Aritzia Inc (ATZ.T) is expected to report $0.15 for 1Q.

Bank of South Carolina Corp (BKSC) is expected to report for 2Q.

Bank7 Corp (BSVN,GMAR.XX) is expected to report $1.04 for 2Q.

Buckle Inc (BKE) is expected to report.

CCA Industries Inc (CAWW) is expected to report for 2Q.

Cogeco Communications Inc (CCA.T,CGEAF) is expected to report $2.11 for 3Q.

Cogeco Inc (CGO.T) is expected to report for 3Q.

Conagra Brands Inc (CAG) is expected to report $0.57 for 4Q.

Conn's Inc (CONN) is expected to report $-0.38 for 1Q.

Cryo-Cell International Inc (CCEL) is expected to report $0.04 for 2Q.

Delta Air Lines Inc (DAL) is expected to report $2.40 for 2Q.

Educational Development Corp (EDUC) is expected to report for 1Q.

Exicure Inc (XCUR) is expected to report for 1Q.

Frequency Electronics (FEIM) is expected to report for 4Q.

Hingham Institution for Savings (HIFS) is expected to report for 2Q.

IntelliPharmaCeutics International Inc (IPCI,IPCI.H.V) is expected to report for 2Q.

MTY Food Group Inc (MTY.T) is expected to report $0.96 for 2Q.

Methode Electronics Inc (MEI) is expected to report $-0.20 for 4Q.

Northern Technologies International Corp (NTIC) is expected to report $0.23 for 3Q.

OrganiGram Holdings Inc (OGI,OGI.T) is expected to report for 3Q.

Organovo Holdings Inc (ONVO) is expected to report for 4Q.

Park Aerospace Corp (PKE) is expected to report for 1Q.

PepsiCo Inc (PEP) is expected to report $2.16 for 2Q.

Postmedia Network Canada (PNC.A.T,PNC.B.T) is expected to report for 3Q.

Progressive Corp (PGR) is expected to report.

Richelieu Hardware Ltd (RCH.T) is expected to report $0.44 for 2Q.

Safeguard Scientifics Inc (SFES) is expected to report $0.78 for 1Q.

Satellogic Inc (SATL) is expected to report for 1Q.

TRX Gold Corp (TRX,TRX.T) is expected to report for 3Q.

Unity Bancorp Inc (UNTY) is expected to report $0.92 for 2Q.

Universal Security Instruments Inc (UUU) is expected to report for 4Q.

Velan Inc (VLN.T,VLNSF) is expected to report for 1Q.

Expected Earnings for Friday

Bank of New York Mellon Corp (BK) is expected to report $1.42 for 2Q.

Citigroup Inc (C) is expected to report $1.41 for 2Q.

Environmental Tectonics Corp (ETCC) is expected to report for 1Q.

Fastenal Co (FAST) is expected to report $0.51 for 2Q.

Fastenal Co (FAST) is expected to report.

Golden Matrix Group Inc (GMGI) is expected to report for 2Q.

JPMorgan Chase & Co (JPM) is expected to report $4.17 for 2Q.

KalVista Pharmaceuticals Inc (KALV) is expected to report $-0.84 for 4Q.

Neptune Wellness Solutions Inc (NEPT-T) is expected to report for 4Q.

Niko Resources (NKO-T,NKRSF) is expected to report for 4Q.

Pressure BioSciences Inc (PBIO) is expected to report for 1Q.

Singing Machine Co Inc (MICS) is expected to report for 4Q.

Trilogy Metals Inc (TMQ,TMQ.T) is expected to report for 2Q.

Video Display Corp (VIDE) is expected to report for 1Q.

Virginia National Bankshares Corp (VABK) is expected to report for 2Q.

Wells Fargo & Co (WFC) is expected to report $1.29 for 2Q.

Powered by Kantar Media and Dow Jones.

   
 
 

ANALYST RATINGS ACTIONS

ArcBest Cut to Neutral From Overweight by JP Morgan

Bank of America Corp Raised to Neutral From Underweight by Piper Jaffray

Bank of America Raised to Neutral From Underweight by Piper Sandler

CH Robinson Worldwide Raised to Neutral From Underweight by JP Morgan

Chemours Raised to Buy From Neutral by UBS

Chewy Cut to Hold From Buy by Argus Research

Energy Recovery Raised to Strong Buy From Outperform by Raymond James

Helios Technologies Cut to Sector Weight From Overweight by Keybanc

HilleVax Cut to Hold From Buy by Stifel

HilleVax Cut to Market Perform From Outperform by Leerink Partners

HilleVax Cut to Neutral From Buy by HC Wainwright & Co.

Lennar Raised to Neutral From Underperform by Wedbush

Morphic Holding Cut to Hold From Buy by TD Cowen

Morphic Holding Cut to Market Perform From Outperform by BMO Capital

Morphic Holding Cut to Sector Perform From Outperform by RBC Capital

NextEra Energy Partners Cut to Market Perform From Outperform by Raymond James

Principal Financial Raised to Strong Buy From Market Perform by Raymond James

PROS Holdings Cut to Hold From Buy by Craig-Hallum

Regency Centers Raised to Outperform From Neutral by Mizuho

SL Green Realty Raised to Sector Perform From Sector Underperform by Scotiabank

Werner Enterprises Cut to Neutral From Buy by UBS

Werner Enterprises Cut to Underweight From Neutral by JP Morgan

This article is a text version of a Wall Street Journal newsletter published earlier today.

 

(END) Dow Jones Newswires

July 10, 2024 06:38 ET (10:38 GMT)

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