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Lilly, Marriott, Lyft Earnings: 3 Things to Watch

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By Dhirendra Tripathi

Investing.com -- The U.S. Senate’s move ahead with a $1 trillion infrastructure plan helped support stocks despite growing concerns that a surge in new coronavirus infections could dent the economic recovery.

Corporate earnings are also helping the mood on Wall Street, and this week promises another big slate of reports from about one-quarter of the S&P 500. On Monday, stock trading was muted, with the S&P 500 and the Dow Jones Industrial Average trading down slightly heading into the close.

On Sunday, the Senate finally revealed a bipartisan plan to spend on roads, bridges, railways and high-speed internet service, and some lawmakers said it was on track for passage as early as this week.

Earlier in Monday, oil prices fell about 4% on weak economic data out of China and the U.S., which happen to be the biggest buyers of oil. Weakness in demand -- especially if businesses have to cut back activity because of a surge in virus cases -- will weigh on crude prices.

Manufacturing activity in the U.S. slowed in July for the second in a row. But most analysts are focused on Friday’s report on jobs added in July as a litmus test for the economic recovery so far.

A flurry of large retailers, including Target Corporation (NYSE:TGT), Kroger Company (NYSE:KR) and Walmart Inc (NYSE:WMT), now strongly encourage customers to wear masks inside their stores after public health officials urged even vaccinated Americans to use masks indoors in locations where the virus has a high rate of transmission.

Here are three things that could affect markets tomorrow:

1. Big pharma earnings

Pharma giant Eli Lilly and Company (NYSE:LLY) is expected to report earnings on Tuesday. Analysts tracked by Investing.com expect earnings per share of $1.89 on revenue of $6.59 billion for the second quarter.

2. Hotel giant earnings

Marriott International Inc (NASDAQ:MAR), a play on the revival of travel and leisure stocks, is seen posting revenue of $3.23 billion and EPS of 46 cents for the second quarter. Analysts will be listening for executive comments on the outlook for travel, given the spread of the delta variant.

3. Ride Hailing earnings

LYFT Inc (NASDAQ:LYFT), the ride hailing rival to Uber Technologies Inc (NYSE:UBER), is expected to report a loss per share of 24 cents on revenue of $699.13 million. It reports after Tuesday’s closing bell. Analysts will be listening for the company’s outlook on hiring as gig economy employers scramble to lure back workers.

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U.S. stocks mixed at close of trade; Dow Jones Industrial Average down 0.28%