U.S. Jobs Report and PMI Surveys in the Spotlight
The financial market is set to embark on a bustling week with the spotlight shining brightly on Friday's anticipated U.S. employment report for March. Market analysts are forecasting the economy to have added around 198,000 positions, maintaining the unemployment rate at a stable 3.9%. The ISM manufacturing and services PMI surveys are also poised to draw significant attention, offering critical insights into the health of the U.S. economy. Additionally, a plethora of Fed speakers are scheduled to address the market, further shaping investor sentiment as traders now anticipate about a 60% chance of a rate cut in June.
Fortinet's 'Accelerate 2024' Event
As Fortinet gears up to host its annual 'Accelerate 2024' event, all eyes are on the cybersecurity giant. The four-day conference, starting Monday at the Mandalay Bay Convention Center in Las Vegas, is expected to unveil the company's latest advancements in AI applications. The event's highlight is undoubtedly founder and CEO Ken Xie's keynote speech, with the leadership team poised to share insights on Fortinet's state-of-the-art cybersecurity systems. Historically, shares of Fortinet have witnessed an uptick during the 'Accelerate' week, hinting at a potential upside for FTNT stock.
Tesla Faces a Challenging Week Ahead
The electric vehicle behemoth, Tesla, is bracing for what appears to be a challenging week ahead. With Q1 delivery numbers anticipated to be underwhelming—chiefly due to soft demand in China and Europe, coupled with production outages—Tesla is expected to report deliveries of approximately 457,000 vehicles for the first quarter, as per consensus estimates. Despite a strategic price reduction and offering incentives, Tesla continues to grapple with demand issues and elevated inventory levels. The company's shares plummeted by 29% in the first quarter. Tesla is scheduled to unveil its first-quarter earnings on April 24, with analysts projecting a profit of $0.59 per share, down 31% year-over-year, and a revenue growth of slightly under 4% to $24.19 billion.
As the second quarter of the year takes off, the financial markets are poised for a series of pivotal events with potential to sway market sentiments. From the crucial U.S. jobs report to highly-anticipated industry events and awaited quarterly earnings reports, investors and traders alike are gearing up for a week teeming with market-moving news.
Analyst comment
U.S. Jobs Report and PMI Surveys: Neutral. Market is likely to react based on the actual figures and the Fed speakers’ comments. Chance of rate cut in June may affect investor sentiment.
Fortinet’s ‘Accelerate 2024’ Event: Positive. The event could lead to an uptick in FTNT stock due to unveiling of AI applications and insights into cybersecurity systems.
Tesla Faces a Challenging Week Ahead: Negative. Underwhelming delivery numbers and soft demand in China and Europe could result in a further decline in Tesla’s shares. Expectations for Q1 earnings are also lower.
