This Week Will Be About More Than Amazon's Prime Day Sales

The week of Amazon's AMZN Prime Day event is finally here, but the upcoming week includes some big names' earnings reports, such as Nike NKE and FedEx Corporation FDX, along with a new round of economic reports, including the GDP.

Monday- No Major Earnings Reports

Amazon's highly-anticipated, two-day Prime Day sales will kick off on Monday after being pushed back due to various factors such as the Olympics and July being a "big vacation month. Last year, these two days surpassed $3.5 billion in sales. However, its rival retailers Walmart WMT, Target Corporation TGT, Best Buy BBY, Kohl's Corporation KSS, and Bed, Bath & Beyond Inc BBBY, are also planning their own sales events this week, so consumers are in for many treats.

Tuesday

There will also be no major reports, but Starbucks SBUX will revive its reusable cups by reintroducing 10 cent discount for customers who use them even through contactless ordering.  In restoring this service, Starbucks is also reviving its commitment to halve its plastic waste by the end of this decade.

The coffee chain is also easing the strict protocols as the world moves back to pre-pandemic life. It recently followed a growing list of retailers in rolling back its mask-wearing guidance for fully vaccinated customers.

Wednesday- Earnings Will Ramp Up

Winnebago Industries Inc WGO Inc is expected to give investor lots of good news in its upcoming earnings report, with a huge sale spike likely in the cards, at least compared to the same date last year when RV production was paused due to worst period of the COVID-19 shutdowns.

Thursday – The Day Of The Week

In addition to FedEx and Nike, BlackBerry Limited BB, Rite Aid Corporation RAD, and Olive Garden parent company Darden Restaurants Inc DRI are among the major players set to report earnings. We're also in for data on corporate profits, durable goods, the final revision on GDP, as well as weekly initial and continuing jobless claims.

Friday

CarMax Inc KMX, the United States' largest used-car retailer, has one of the strongest balance sheets amongst the dealers, and Paychex PAYX will wrap up the earnings week. On the same day, the $1.5 billion in options of the second-largest digital currency are set to expire, and what happens next will determine the future of Ethereum.

Outlook

This week comes right after the Dow Jones Industrial Average posted its worst week since October. The S&P 500 and Nasdaq fell sharply on Friday due to St. Louis Federal Reserve President James Bullard projecting an interest rate hike towards the end of next year.

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