The jobs market steps into the spotlight this week, while second-quarter earnings season continues apace. Here’s a closer look at what to expect in the coming days. We’ll start with the Club holdings set to report, before touching on the labor-market updates and their implications for Federal Reserve policy. 1. Earnings : The action kicks off Tuesday morning when we’ll see results from Qnity Electronics and DuPont . Qnity was spun out from DuPont last fall. We expect Qnity to show robust demand as the company provides chemicals and other materials needed to manufacture all types of semiconductors — both “logic” chips, such as an Nvidia graphics processing unit GPU), and memory chips made by the likes of Micron , Samsung and SK Hynix . Last week, outgoing Apple CEO Tim Cook said the memory market is experiencing a “100-year flood,” as soaring demand pushes up prices. That’s bad for memory buyers, but great for memory sellers and those supplying products to the semiconductor fabrication facilities, like Qnity. About 20% of Qnity’s semiconductor revenue is exposed to memory, according to last year’s investor day presentation . In a recent note, analysts at Deutsche Bank said Qnity stands to benefit from improving utilization rates and leaner customer inventories — in other words, chipmakers are running their fabs more often and are needing to replenish their stocks. Now, one thing to keep in mind is that consumer-oriented sales may be under pressure as high memory prices hamper production volume and lead to price hikes for devices. Memory makers are shifting production capacity toward more profitable HBM — high-bandwidth memory — needed for AI chips. This is crowding out the supply of lower-grade memory found in consumer devices like smartphones and personal computers. Qnity also supplies materials used in the advanced packaging of chips, which is increasingly important in the AI era. Revenue: $1.36 billion Earnings per share: $1.07 Q YTD mountain Qnity Electronics’ stock performance in 2026. DuPont’s reported results on Tuesday will be important, but its guidance and management’s commentary on the operating environment will color how investors think about shares into year-end. In the first quarter, DuPont’s Water Technologies business saw a mid-single-digit organic decline due to logistics disruptions in the Middle East, which relies heavily on the company’s desalination technology for drinking water. While the missed sales should show up in the second quarter results, we suspect some supply-chain pressure remains because the conflict is ongoing (though we got some hopeful news this weekend around calming tensions).We’re interested to see what management is doing to mitigate the issue, and whether large desalination projects slated for the second half of this year remain on track. The other issue for DuPont is the rise in oil prices resulting from the conflict. While prices are down from their wartime highs, they remain volatile, so we wouldn’t be surprised to see management take a more cautious tone when it comes to the impact of this input cost for key products like Tyvek. The company said last quarter it can fully offset higher input costs through price actions. Revenue: $1.81 billion Earnings per share: $1.76 DD YTD mountain DuPont’s year-to-date stock performance. When Eli Lilly reports on Wednesday morning, one of the main focuses will be on GLP-1 sales in international markets. That has been a consistent source of upside in recent quarters, and analysts are expecting that beat-and-raise dynamic to continue this time around. Of course, the magnitude of the beat will likely determine the stock reaction. In April, the beat was massive , resulting in a 10% pop on earnings day. There are also a couple major questions facing its obesity-drug business in the U.S. The first: What is going on with the launch of Foundayo? Uptake of Lilly’s new obesity pill hasn’t gotten off to a roaring start since its FDA approval on April 1, so investors will want to understand how CEO David Ricks and other Lilly executives feel about the competitive dynamics versus rival Novo Nordisk’s Wegovy pill. Is there reason to believe Lilly can close the gap and erase Novo’s first-mover advantage, just as it did with injectable GLP-1s? Wall Street expects roughly $103 million in second-quarter Foundayo sales, according to FactSet. That’s down from consensus of $196 million in late June, as analysts lowered their expectations. A second big question: How is the start of Medicare coverage for obesity drugs going? That temporary coverage began July 1, with eligible Medicare recipients paying $50 a month for access through 2027. Revenue: $20.73 billion Earnings per share: $6.01 LLY YTD mountain Eli Lilly’s year-to-date stock performance. On Wednesday evening, we hear from Honeywell Aerospace . We already got the results when Honeywell Technologies reported in July, as the two were not separated until the end of the second quarter. Aerospace results weren’t great — sales of $4.5 billion and segment profiting (operating income) of $1.1 billion — so some of that bad news should already been in the stock. As a result, our focus will be on forward guidance, end market commentary, and any new opportunities the team may have discovered since separation to enhance efficiencies. The other major topic of discussion will be regarding supply chain improvements, which is a key pillar of our investment thesis. In the first quarter of 2026, when Honeywell Aerospace was still part of the Honeywell conglomerate, the company’s sales were held back by supply shortages for mechanical products. At its investor day in June, Honeywell Aerospace spent time explaining their strategy to transform their supply chain, including better planning, factory throughput and the embrace of AI tools. Now the focus shifts to executing on this vision. HONA ALL mountain Honeywell Aerospace’s stock performance since its debut in late June. 2. Jobs, jobs, jobs: It’s jobs week, arriving on the heels of Fed Chairman Kevin Warsh’s July meeting press conference in which the labor market took the backseat. The conversation was instead dominated by the inflation side of the central bank’s dual mandate. Of course, that is understandable. The U.S. labor market has remained mostly solid, despite June hiring missing expectations. Meanwhile, rekindled tensions in the Middle East — and the resulting rise in oil prices — dashed hopes that a June decline in inflation was the start of a sustained retreat. Inflation remains well above the Fed’s 2% target, at 3.7% in June , as measured by the personal consumption expenditures (PCE) prce index. While Warsh vowed that central bankers will “win the battle against high inflation,” the Fed left rates unchanged. If Friday’s July jobs report comes in stronger than expected, that could increase the likelihood that the Fed increases interest rates at its September meeting — provided there’s no break in inflation. If the labor market is softer than anticipated, that could give central bankers more cover to look through price shocks from the Iran war. But then again, the market doesn’t have a great grasp yet on how Warsh interprets new data. Economists polled by FactSet expect the U.S. economy added 65,000 jobs in July, while the unemployment rate ticked up to 4.3% (from 4.2% last month). The labor force participation rate, which influences the unemployment, is something to watch after reaching a 50-year low in June (excluding the Covid pandemic era). Revisions to prior month reports are also closely watched. Leading up to the government’s official nonfarm payrolls report, Tuesday brings the Jobs Openings and Labor Turnover Survey, often called JOLTS. This release offers insights into labor-market tightness by showing the number of job openings and hires, along with a breakdown of why employees left their jobs (quits, layoffs and discharges, and other separations such as retirement). However, JOLTS is the least consequential of this week’s monthly labor updates because the data is a month old (June versus July for the other reports). On Wednesday, we’ll get the payroll processor ADP’s private payrolls report for July — think of this as the opening act for Friday’s nonfarm headliner. Investors look at the ADP numbers for clues into the labor market to help them position for the official government release. Economists polled by FactSet expect the ADP report to show private-sector job additions of 80,000 in July. A couple smaller economic updates on our radar include the Institute for Supply Management’s (ISM) monthly look at manufacturing and services activity in the U.S. economy, which are slated for Monday and Wednesday, respectively. These so-called purchasing managers’ indexes (PMIs) are built on survey responses from businesses, so they offer timely insights into conditions on the ground across various industries. On Tuesday, we’ll also get the Census Bureau’s full report on June new orders for manufactured durable goods, following the release of the advanced report July 27 , which showed robust activity . Week ahead Monday, Aug. 3 S & P Global Manufacturing PMI at 9:45 a.m. ET June construction spending at 10 a.m. ET ISM Manufacturing PMI at 10 a.m. ET Before the bell: Sportradar Group (SRAD), Marriott International (MAR), American Bitcoin (ABTC), Alexander’s (ALX), Avista (AVA), BCB Bancorp (BCBP), Compugen (CGEN), CNA Financial (CNA), CNH Industrial (CNH) After the bell: Palantir Technologies (PLTR), Sterling Construction (STRL), Clorox (CLX), Whirlpool (WHR), BWX Technologies (BWXT), Snap (SNAP), Allison Transmission Holdings (ALSN),Jazz Pharmaceuticals (JAZZ), onsemi (ON), Vertex Pharmaceuticals (VRTX) Tuesday, Aug. 4 June JOLTS report at 10 a.m. ET Before the bell: Qnity Electronics (Q), DuPont (DD), Pfizer (PFE), Caterpillar (CAT), Hut 8 Mining (HUT), McDonald’s (MCD), Wayfair (W), Shoals Technologies Group (SHLS), Wix.com (WIX), Enlight Renewable Energy (ENLT), Energy Transfer (ET), Merck (MRK), Apollo Global Management (APO), BP (BP), Bruker (BRKR), DigitalOcean (DOCN), HSBC Holdings (HSBC), Kimberly-Clark (KMB), Knife River (KNF), Leidos Holdings (LDOS), Spotify Technology (SPOT), Archer-Daniels-Midland (ADM), AMETEK (AME), BioNTech (BNTX), Cummins (CMI), Marathon Petroleum (MPC) After the bell: Advanced Micro Devices (AMD), Space Exploration Technologies (SPCX), Arista Networks (ANET), Astera Labs (ALAB), Zeta Global (ZETA), Opendoor Technologies (OPEN), Booking Holdings (BKNG), Allegiant Travel (ALGT), Hecla Mining (HL), Amgen (AMGN), Toast (TOST), Wynn Resorts (WYNN) Wednesday, Aug. 5 ADP private payrolls at 8:15 a.m. ET S & P Global Services PMI at 9:45 a.m. ET ISM Services PMI at 10 a.m. ET Before the bell: Eli Lilly (LLY), Shopify (SHOP), Uber Technologies (UBER), 1stdibs.com (DIBS), Walt Disney (DIS), Riot Platforms (RIOT), Circle Internet Group (CRCL), Unity (U), Amprius Technologies (AMPX), Bloomin’ Brands (BLMN), Dynatrace (DT), Adient (ADNT), Carlyle Group (CG), Flutter Entertainment (FLUT), GlobalFoundries (GFS), Novo Nordisk (NVO), Avnet (AVT), Brink’s Company (BCO), BorgWarner (BWA), CVS Health (CVS) After the bell: Honeywell Aerospace (HONA) SanDisk (SNDK), Western Digital (WDC), AppLovin (APP), e.l.f. Beauty (ELF), TTM Technologies (TTMI), Axon Enterprise (AXON), MercadoLibre (MELI), Beyond Meat (BYND), Albemarle (ALB), Fastly (FSLY), Dutch Bros (BROS) Thursday, Aug. 6 Weekly jobless claims at 8:30 a.m. ET Monthly Wholesale Trade Survey for June (final) at 10 a.m. ET Before the bell: ConocoPhillips (COP), D-Wave Quantum (QBTS), Datadog (DDOG), Energy Fuels (UUUU), Constellation Energy Group (CEG), Fiserv (FISV), Cheniere Energy (LNG), Viatris (VTRS), Aspen Aerogels (ASPN), ACI Worldwide (ACIW), Canadian Natural Resources (CNQ), EPAM Systems (EPAM), Six Flags Entertainment (FUN), Insmed (INSM), Papa John’s International (PZZA), UWM Holdings (UWMC), APA Corporation (APA), Cronos Group (CRON), Fox (FOX), Global Ship Lease (GSL), Howmet Aerospace (HWM), Keurig Dr Pepper (KDP) After the bell: DraftKings (DKNG), Applied Optoelectronics (AAOI), Airbnb (ABNB), Rigetti Computing (RGTI), Trade Desk (TTD), MP Materials (MP), Ouster (OUST), Alarm.com Holdings (ALRM), Clean Energy Fuels (CLNE), Monster Beverage (MNST), Red Cat Holdings (RCAT), Rocket Companies (RKT), Atlassian (TEAM), Doximity (DOCS), Five9 (FIVN), Karman Space & Defense (KRMN), Cloudflare (NET), Roku (ROKU), Aflac (AFL), American International Group (AIG), Akamai Technologies (AKAM) Friday, Aug. 7 Nonfarm payrolls report at 8:30 a.m. ET Before the bell: Oklo (OKLO), Vistra Energy (VST), Take-Two Interactive Software (TTWO), ACM Research (ACMR), PPL Corporation (PPL), Under Armour (UAA), Wendy’s (WEN), ANI Pharmaceuticals (ANIP), ARKO Corp. (ARKO), Atmus Filtration Technologies (ATMU), Canopy Growth (CGC), Claritev (CTEV), Fluor (FLR) After the bell: Hawaiian Electric (HE) (Jim Cramer’s Charitable Trust is long Q, DD, LLY and HONA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
