🏛 On Wednesday, the chief executives of four tech giants — Alphabet’s Sundar Pichai, Amazon’s Jeff Bezos, Apple’s Tim Cook and Facebook’s Mark Zuckerberg — will testify virtually at a congressional hearing addressing the companies’ market power. The companies have a combined market cap of $4.8 trillion, and the executives themselves are collectively worth $280 billion.
🤝 Enhanced unemployment benefits for American workers will expire at the end of the week, and Republicans are poised to unveil a narrow coronavirus relief bill focused mostly on extending those benefits. Democrats are demanding a comprehensive, multitrillion-dollar aid package. Getting a deal done in time looks tricky.
📉 The Federal Reserve may announce more stimulus measures at its policy-setting meeting on Wednesday, followed by the first reading of America’s second-quarter G.D.P. on Thursday. Analysts predict an annualized drop of more than 30 percent, with similarly ugly second-quarter reports expected from Hong Kong (Wednesday), Mexico (Thursday) and the E.U. (Friday).
🗣 More than 190 companies in the S&P 500 report earnings this week, along with other blue-chip firms around the world:
Fresh from their congressional grilling, Facebook will announce results on Wednesday; and Alphabet, Amazon and Apple on Thursday.
Investors will quiz pharma executives on the progress of their Covid-19 treatments on earnings calls for Amgen and Pfizer on Tuesday; GlaxoSmithKline on Wednesday; AstraZeneca, Eli Lilly and Gilead Sciences on Thursday; and AbbVie and Merck on Friday.
The damage done by restaurant closures will loom over results for McDonald’s and Starbucks, which report on Tuesday; and Shake Shack and Yum Brands on Thursday.
Others releasing earnings this week include Barclays, Boeing, Caterpillar, Comcast, Credit Suisse, Ford, G.E., G.M., Kellogg’s, Kraft Heinz, Procter & Gamble and Qualcomm.
🏀 The N.B.A. resumes its pandemic-shortened season on Thursday, with all games played at a sealed-off complex at Walt Disney World in Orlando. The N.H.L. season resumes on Saturday, with an expanded playoff tournament split between arenas in Edmonton, Canada; and Toronto. Now that there are more sports back on, will the gamblers who turned to day trading during the lockdown go back to betting on games instead of on stocks?