McDonald’s misses sales estimates as consumers cut spending

Amazon: The ecommerce giant is expected to report that profits more than doubled in the first quarter to 82 cents a share on revenue that increased 12 per cent to $142.5bn. Investors will be seeking commentary on the company’s cloud business and ongoing cost cuts. Amazon shares have performed well this year and are up 20 per cent from the start of 2024 with a market capitalisation of $1.88tn.

Other companies: Eli Lilly, Coca-Cola, McDonald’s, PayPal, Marathon Petroleum, 3M, GE Healthcare, Archer Daniels Midland, Restaurant Brands and Molson Coors report earnings before the bell. AMD, Starbucks, Mondelez and Pinterest will report after the markets close. 

Employment: US government data is expected to show employment costs increased 1 per cent in the first three months of the year, compared with a 0.9 per cent increase in the final quarter of 2023. 

US property prices: The Case-Shiller index’s 20-city composite is expected to show home prices rose 6.7 per cent annually in February, up from 6.6 per cent in January, indicating that low housing inventory has continued to underpin price growth. 

Consumer confidence: The Conference Board is expected to report consumer confidence ticked down 0.7 points in April to a reading of 104.

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