Tariffs and taxes dominated the macro narrative to kick off the second half. President Trump’s July 9 initial reciprocal tariff deadline came and went, with little stock market volatility and a ho-hum reaction in the bond market.
The can was essentially kicked down the road, with August 1 being the key date when significantly higher levies could take effect. We say “could” because the administration appears willing to negotiate trade deals beyond the first of next month (this Friday). Moreover, with a slew of agreements in place, there’s less uncertainty for companies (namely, US importers) to weigh.
Perhaps as a result, there is a slightly more upbeat tone as the Q2 earnings season progresses. Top and bottom-line numbers have been healthy, and all eyes will be on mega-cap tech this week. Microsoft (NASDAQ:), Apple (NASDAQ:), Amazon (NASDAQ:), and Meta Platforms (NASDAQ:) all report, but the world’s most valuable publicly traded company, NVIDIA (NASDAQ:), doesn’t serve up numbers until late August.
As for taxes, the president’s One Big, Beautiful Bill Act (OBBBA) was signed into law on the 4th of July. While most of its provisions merely extended current policy, a key change was made for companies, big and small, that have major capex plans. Full expensing of capital investments could be a material growth trigger in the quarters to come.
Over the weeks ahead, market participants should closely monitor comments from industry executives at conferences regarding new projects. This “bonus depreciation” feature only further fuels the AI trade, too, as firms across sectors have an incentive to spend rather than shore up their balance sheets.
From a price action perspective, stocks approach the sometimes-volatile August-September stretch with high momentum. Both US and international equities are near record highs, rallying some 30% from their post-Liberation Day lows.
There remain concerns, however. President Trump’s constant lambasting of Fed Chair Powell threatens the central bank’s independence. According to our Economic Calendar, we’ll hear the latest policy decision from the today, July 30, at 2:30 pm ET. At the same time, worries about consumer spending as tariffs trickle down to retail goods prices make each economic report potentially pivotal.
There are a host of macro crosscurrents. In such a time as this, focusing on what companies are saying can be your edge. We have good news on that front: With many corporate gatherings on tap now through September, you’ll have plenty of opportunities to read between the lines and allocate appropriately. Here are the key conferences to watch:
Information Technology & Communication Services
July 31: Goldman Sachs AI Symposium
August 11: Oppenheimer 28th Annual Technology, Internet & Communications Conference
August 11: KeyBanc Technology Forum
August 12: TD Cowen Communications Infrastructure Summit
August 13: J.P. Morgan Hardware & Semis Access Forum
August 20: Needham 6th Annual Semiconductor and SemiCap 1X1 Conference
August 26: Evercore ISI Semiconductor, IT Hardware & Networking Conference
August 27: Deutsche Bank Technology Conference
September 3: Deutsche Bank dbAccess European TMT Conference
September 3: Citi Global Technology, Media, and Telecommunications TMT Conference
September 4: 5th Annual Needham Virtual Crypto Conference
September 4: Bank of America Media, Communications & Entertainment Conference
September 8: Goldman Sachs Communacopia Technology Conference
September 10: Goldman Sachs Technology Conference San Francisco
Health Care
July 29: BTIG Biotechnology Conference (virtual)
August 11: Needham 10th Annual Virtual MedTech & Diagnostics 1×1 Conference (virtual)
August 11: Stifel Biotech Summer Summit
August 14: UBS Precision Medicine Frontiers Summit
September 3: Wells Fargo Healthcare Conference
September 3: Goldman Sachs 22nd Annual European Medtech and Healthcare Services Conference
September 3: Cantor Fitzgerald Global Healthcare Conference
September 8: Morgan Stanley 23rd Annual Global Healthcare Conference
September 9: Baird Global Healthcare Conference
September 23: Bank of America Global Healthcare Conference
September 29: Jefferies Healthcare Services (NASDAQ:) Conference
Consumer Discretionary & Consumer Staples
July 29: Holiday and Winter Selling Show
August 13: JP Morgan Auto Conference
September 2: Barclays Global Consumer Staples Conference
September 4: Bank of America Gaming and Lodging Conference 2024
Financials & Real Estate
August 5: UBS Financial Services Conference
August 10: KeyBanc Capital Market Technology Leadership Forum
September 3: KBW Insurance Conference
September 7: Barclays (LON:) 23rd Global Financial Services Conference
September 9: Bank of America Global Real Estate Conference
September 15: Goldman Sachs Real Estate Equity and Debt Conference
September 15: Bank of America Securities 30th Annual Financials CEO Conference
September 25: Oppenheimer Insurance Summit (virtual)
Industrials
August 5: Space & Missile Defense Symposium (SMD)
August 12: Deutsche Bank Transportation Conference
August 15: UBS Infrastructure & Transportation Conference
August 18: Needham 14th Annual Virtual Industrial Tech, Robotics, & Clean Tech 1×1 Conference (virtual)
September 2: Morgan Stanley Industrial CEOs Unplugged
September 2: Deutsche Bank 15th Annual Aviation Forum
September 3: Jefferies Industrials Conference
September 16: RBC Capital Markets Global Industrials Conference
Energy & Utilities
August 17: Enercon Denver 30th Annual Energy Investment Conference
September 2: Barclays 39th Annual CEO Energy-Power Conference
September 8: ROTH 12th Annual Solar & Storage Symposium
September 17: BNP Paribas Power Up Conference
Materials
August 12: Mizuho (NYSE:) Chemical Conference
August 12: Citi Natural Resources Conference
September 3: UBS Global Materials Conference
September 9: Berenberg Food Ingredients & Chemicals Conference
September 9: Precious Metals Summit Beaver Creek
September 14: Gold Forum Americas
Regional
August 18: Macquarie ASEAN Conference
August 28: Morgan Stanley China BEST Conference Autumn Series
September 3: Goldman Sachs Asia Leaders Conference
September 3: J.P. Morgan European Leveraged Finance Conference
September 8: Bank of America Securities Asia Pacific Conference
September 16: JP Morgan 16th Annual U.S. All Stars Conference
September 24: Citi’s China Industrial, SMID, Transport Conference
Investor Specific & Multi-Sector
August 12: Canaccord Genuity’s 45th Annual Growth Conference
August 20: Sidoti August Micro-Cap Conference
September 3: JP Morgan – CEO Call series
September 4: Piper Sandler 11th Annual Macro (BCBA:) Conference
September 8: HC Wainwright Global Investment Conference
September 9: Piper Sandler 4th Annual Growth Frontiers Conference
September 16: JP Morgan Emerging and Frontier Markets Opportunities Conference
September 17: Sidoti September Small Cap Conference