What to Watch in the Day Ahead - Wednesday, April 23

Boeing is set to release its first-quarter results, with investors, suppliers and customers closely monitoring the production of the Boeing 737. The company is working to increase production of its flagship aircraft, which is a key source of revenue. Boeing executives have previously indicated that they expect to continue burning cash through 2025.

Telecom firm AT&T is expected to report a rise in revenue in the first quarter, helped by strong subscriber additions and higher upgrade levels.

IBM is set to report a jump in first-quarter revenue, with Wall Street watching closely for the impacts of a global trade war while President Trump's DOGE focuses on cutting federal contracts.

The U.S. economic calendar includes the release of the S&P Global's flash PMI data for April, covering manufacturing, services and composite PMIs. The flash manufacturing PMI is projected to decline to 49.1 from 50.2 in March, while the flash services PMI is expected to decrease to 52.5 from 54.4. In addition, March's new home sales are forecast to increase by 4,000 units, reaching 680,000 units.

Chicago Federal Reserve President Austan Goolsbee will speak virtually at the Economic Mobility Summit, hosted by the Federal Reserve Bank of Philadelphia. (0900/1300) Additionally, Fed Board Governor Christopher Waller and St. Louis Fed President Alberto Musalem are scheduled to deliver opening remarks at the hybrid "Fed Listens" event organized by the Federal Reserve Bank of St. Louis. (0935/1335) Musalem will also give the closing remarks for the event. (1435/1835) Meanwhile, Cleveland Fed President Beth Hammack will speak before the Money Marketeers of New York University. (1830/2230)

Goldman Sachs will hold its annual shareholder meeting, where, among other items, there will be a vote on the compensation of top executives. Proxy advisor Glass Lewis has criticized the pay as excessive.

Cigarette maker Philip Morris International will report first-quarter results. Investors will be watching for commentary on the impact of a global trade war on consumers, as well as early performance of the company's flagship heated tobacco device IQOS after it went on sale in Texas in March.

Chipotle Mexican Grill is expected to report an increase in first-quarter revenue, as demand for its burritos remains strong, despite concerns about a potential decline in spending on dining out.

Analog chipmaker Texas Instruments is expected to report a jump in first-quarter revenue. Investors are watching closely for the possible impact of a trade war kicked off by U.S. President Trump's tariffs on sales to the China market.

ServiceNow is expected to report higher first-quarter revenue, likely driven by growing demand for its AI-powered software services. Investors will be looking for insights on federal contracts, especially as the U.S. Department of Government Efficiency focuses on cost-cutting and reviewing contracts.

Thermo Fisher is expected to report its first-quarter results before the market opens. Investors will be watching for any updates to its guidance and insights on the impact of tariffs.

Home-building products maker Masco is expected to post a decline in first-quarter revenue, owing to weaker demand for its high-priced plumbing and home decor items.

Amphenol is expected to report higher first-quarter revenue, helped by growing demand for its electronic equipment. China constituted about 22% of the company's net sales in 2024. Investors will be looking for commentary about how U.S. tariffs or other trade barriers could increase the company's costs in certain markets and may cause customers look for alternative products.

In Latin America, the February retail sales figures are due for Mexico.