SpaceX’s First Earnings Post IPO

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Wall Street’s major market averages drifted lower on Friday despite a rally from Amazon’s strong quarterly results. Shares of Amazon (AMZN) are +13.3% after the e-commerce giant reported second-quarter revenue of $200.6B, topping analysts’ estimates of $197B, driven by strong growth in its North America business.

The coming week will see a slew of economic data releases, beginning with S&P Global manufacturing PMI data for July, ISM manufacturing PMI, and prices for July on Monday. JOLTS job openings data will be released on Tuesday, followed by S&P Global services PMI, ISM non-manufacturing PMI, and ISM non-manufacturing prices for July on Wednesday. Initial jobless claims data is due on Thursday, while nonfarm payrolls and the unemployment rate for July will be out on Friday.

SpaceX (SPCX) will report its first earnings as a public company next week. Other companies reporting during the week are AMD (AMD), Merck (MRK), Pfizer (PFE), and Eli Lilly (LLY).

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Earnings spotlight: Monday: Berkshire Hathaway (BRK.A) (BRK.B), Palantir (PLTR), Snap (SNAP). See the full earnings calendar.

Earnings spotlight: Tuesday: SpaceX (SPCX), AMD, Merck, Pfizer. See the full earnings calendar.

Earnings spotlight: Wednesday: Eli Lilly, Novo Nordisk (NVO), Uber (UBER). See the full earnings calendar.

Earnings spotlight: Thursday: ConocoPhillips (COP), Airbnb (ABNB). See the full earnings calendar.

Earnings spotlight: Friday: Take-Two Interactive Software (TTWO), Oklo (OKLO). See the full earnings calendar.

Volatility watch: Sandisk (SNDK) and Amylyx Pharmaceuticals (AMLX) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index