by Daniel Shvartsman
Investing.com - After last week's fireworks, markets started this week on a muted note, with the S&P 500 dipping .3% and the NASDAQ Composite closer to .6%. Major tech earnings were the spark for many of last week's moves, and the earnings and economic events slate on Monday didn't compare.
Which sets up for a busier Tuesday, as several economic giants or companies majorly affected by the pandemic will report. As investors look for more clues on where consumer demand is headed, how much inflation is persisting, and what that might mean for the market, a global pharma kicks off the key events. Here's what to watch for on Tuesday:
1. Pfizer earnings
Pfizer (NYSE:PFE) is due to report before market open, with the pharma giant expected to report $.87/share of earnings and revenue of $24.16B, both double last year's numbers, per analysts polled by Investing.com. As it seems like much of the world is easing out of the Omicron wave of the Covid-19 pandemic, Pfizer's commentary on any further need for boosters will be of note, as will any updates on their Covid-19 pill treatment and any meaningful non-Covid programs.
In the pandemic-related category, Peloton (NASDAQ:PTON) reports after the bell, which may end up being less notable for the company's ongoing performance which, per the reports, is not great, and more for any clues on the possibility that the company is open to bidders.
2. Chipotle and Sysco earnings
Inflation is the other big theme to watch in this earnings season. Tex-Mex restaurant operator Chipotle Mexican Grill (NYSE:CMG) reports after the bell, and is expected to show 21.7% topline growth and 51% earnings growth. Food distributor Sysco (NYSE:SYY) will report earnings before market hours, and is expected to show 37.8% revenue growth. The two firms, coming from different parts of the food chain, may provide interesting commentary on the endurance of inflation and how much companies are passing on these costs to their customers.
3. API Crude Inventory
With oil having an exceedingly rare down day on Monday, the API Crude report will clock in as both the first major oil data point of the week and a potential catalyst for the next move. Last week saw a draw of 1.645M barrels, the second consecutive week of inventory decreases, and with no sign of easing tensions on the Russia/Ukraine front and last week's cold front, upward pressure may continue to support the commodity.