What to Watch in the Day Ahead - Thursday, May 1

Apple is expected to report a rise in second-quarter revenue, with iPhone sales being flat in the January to March period due to competition in China and the slow rollout of Apple Intelligence features.

Amazon is expected to report a rise in first-quarter revenue, driven by steady cloud demand, but whether the company's retail business would take a hit from global trade tensions will be on top of investors' minds. The company's comments on capital spending, AI and data center projects, and its outlook for its business amid tariff uncertainty will be closely watched for.

On the U.S. economic calendar, the ISM Manufacturing PMI is forecast to have declined to 48 in April from 49 in March. S&P Global will also release the final PMI figures for April. Separately, data from the Labor Department is expected to show initial jobless claims likely increased by 2,000 to 224,000 for the week ended April 26. Continued claims for state unemployment benefits likely increased to 1.864 million for the week ended April 19 from 1.841 million in the week before. Furthermore, construction spending for March rose 0.2% after a 0.7% rise in February.

McDonald's is expected to post a drop in first-quarter revenue, as diners hold back on frequent dining out amid an uncertain economic backdrop. Investors will look out for comments on any impact from tariffs on the supply chain, consumer sentiment and China sales.

Mastercard is expected to report a higher first-quarter profit next week. Investors will closely watch out for the management's commentary on the economic outlook and spending trends. Separately, payments firm Block is expected to post a higher first-quarter profit, as the company's transaction-based revenue benefits from robust consumer spending. Investors will closely watch out for the management's commentary on the economic outlook and spending trends.

CVS Health will report first-quarter earnings at a time when rival UnitedHealth's cut to its full-year forecast has raised concerns among investors about high medical costs. Investors will keep a close eye on its medical cost ratio and any comments on demand for healthcare services.

Eli Lilly is set to report its first-quarter results before markets open. Investor focus will be on any comments related to potential pharmaceutical tariffs and the company's launch preparations for its obesity pill ahead of regulatory application. Progress around the international launch of its popular diabetes and weight-loss drug Mounjaro will also be closely watched. Meanwhile, Biogen will report first-quarter results before markets open. Investors will look out for the company's commentary on the potential impact of President Trump's tariffs as well as sales of its keenly-watched treatments, including Alzheimer's disease treatment Leqembi.

Chocolate maker Hershey is expected to post a decline in first-quarter revenue, hurt by weaker demand for its confectionery items. Investors will look out for comments on demand, pricing, impact of tariffs, input costs as well as annual forecasts.

Airbnb is expected to post its first-quarter earnings after markets close. Analysts will be looking out for comments on domestic travel demand in the U.S. in view of the slight GDP contraction as well as Trump's trade policy discouraging some from Canada, Mexico and Europe visiting the U.S.

Estee Lauder is expected to post a fall in third-quarter revenue, as the MAC lipstick maker battles persistent weakness in Asia and a slowdown in its American markets, with customers becoming mindful about spending on affordable luxuries such as makeup and skincare as well. Investors will look for comments on tariff impact, price hikes, new launches and any new cost-saving initiative.

Intercontinental Exchange is set to report its first-quarter results. The company is expected to report a rise in quarterly profit.

Motorcycle maker Harley-Davidson is expected to post a drop in first-quarter profit and revenue.

Reddit is expected to report higher first-quarter revenue. Investors will be looking for commentary on digital advertising spending on the social media platform at a time when tariff-related uncertainty could shift marketing budgets to bigger platforms and delay certain campaign schedules.

U.S. aerospace supplier Howmet is expected to report higher first-quarter profits on strong demand by planemakers for products like fasteners. Analysts will likely ask about the impact of tariffs on costs after Reuters revealed that Howmet warned customers it was declaring a force majeure event due to a U.S.-led trade dispute.

Roblox is expected to report a sharp rise in first-quarter revenue as it benefits from growing user engagement and monetization on its videogame platform while opening new revenue streams such as advertising.

Instacart, which is formally known as Maplebear, is expected to post a rise in first-quarter revenue, helped by higher transaction and advertising fees, as well as robust demand for orders on its online grocery delivery platform. Investors will look for comments on annual forecasts and tariff-related concerns.

U.S.-based utility company Dominion Energy is expected to report an increase in first-quarter adjusted earnings per share, helped by growth in power demand from a rise in data centers across the country.

OxiClean detergent maker Church & Dwight is expected to post a rise in first-quarter revenue, helped by steady demand for its home and personal care products. Investors will look out for comments on demand, pricing, impact of tariffs as well as annual forecasts.

Duolingo is expected to post a 33% jump in first-quarter revenue, boosted by a growth in subscribers for its AI-powered Max subscription tier. Investors expect the company to provide guidance on the uptake of the Max tier, AI initiatives, and profit margin amid an uncertain economy.

Bombardier is expected to report higher first-quarter revenues, but the Canadian business jet maker will face questions on the impact of a growing trade war on demand.

In Canada, the S&P Global manufacturing PMI reading for April is scheduled for release. The reading for last month came in at 46.3.