Home Entertainment US GDP slows sharply, and Chinese industrial profits fall 21%

US GDP slows sharply, and Chinese industrial profits fall 21%

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US GDP: Headline figures for US economic growth in the first quarter are due for release this morning. Economists expect the economy to grow by 2%, compared to an increase of 2.6% in the fourth quarter of 2022.

Amazon: Investors will be eager to see whether cost pressures eased in the first quarter and whether the company’s earnings outlook improves, after another round of job cuts. Amazon is expected to post a revenue increase of about 7% in the first quarter, according to economists polled by Refinitiv. But adjusted earnings are expected to fall 16 cents to 21 cents per share in the first quarter, as analysts expect weak sales growth from the cloud computing division.

Other victories: Pharmaceutical companies Eli Lilly, Merck, and Bristol-Myers Squibb reported before the opening bell, as did Mastercard, Southwest Airlines, and industry groups Caterpillar and Honeywell. Intel and the social media group Pinterest are also reporting today after the bell.

Other economic data: Claims for new unemployment benefits are expected to have reached 248,000 last week, up from 245,000 in the previous seven days. Pending home sales are expected to rise 0.5% in March, from 0.8% in February, according to a survey of economists by Refinitiv.

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