News
The US economy grew less than expected in the first quarter; Microsoft and Alphabet beat Wall Street estimates
US GDP: Economists expect the advance estimate for U.S. economic growth in the first quarter to be 2.4 percent, after gross domestic product increased 3.4 percent in the fourth quarter of 2023.
Microsoft: The world’s largest company by market value is expected to report that profits rose 37 cents to $2.82 per share on revenue that jumped 15% to $60.8 billion in the three months to March, according to with analysts consulted by Reuters. Investors will be interested in its artificial intelligence services and the effect of the new technology on its Azure cloud segment.
Alphabet: Google’s parent company is expected to report that revenue rose 13% to $78.6 billion in the first quarter, thanks to a rise in advertising revenue. Earnings are forecast to rise 29% to $1.51 per share. Investors will be interested to learn more about your efforts to accelerate the implementation and development of AI Products.
Other earnings: Merck, Caterpillar, Honeywell, Bristol Myers Squibb, Altria, Northrop Grumman, Royal Caribbean Cruises, Southwest Airlines, American Airlines, Harley-Davidson and Hertz are reporting before the bell. Intel, Capital One and Snap are reporting after the signal.
Other economic data: New US jobless claims are forecast to have risen to 215,000 in the week to April 20, compared with 212,000 claims in the previous week. Pending home sales in the US are forecast to have increased 0.8% in March, after rising 2.6% in February.
Trump: The U.S. Supreme Court will hear oral arguments to determine whether former President Donald Trump is immune of criminal charges for actions taken while in the White House.