Paccar is a leading manufacturer of medium- and heavy-duty trucks under the premium brands Kenworth and Peterbilt (primarily sold in the NAFTA region and Australia), and DAF trucks (sold in Europe and South America). The company's trucks are sold through more than 2,300 independent dealers globally. Paccar Financial Services provides retail and wholesale financing for customers and dealers, respectively. The company commands roughly 30% of the Class 8 market share in North America and 17% of the heavy-duty market share in Europe.

Paccar is a leading manufacturer of medium- and heavy-duty trucks under the premium brands Kenworth and Peterbilt (primarily sold in the NAFTA region and Australia), and DAF trucks (sold in Europe and South America). The company's trucks are sold through more than 2,300 independent dealers globally. Paccar Financial Services provides retail and wholesale financing for customers and dealers, respectively. The company commands roughly 30% of the Class 8 market share in North America and 17% of the heavy-duty market share in Europe.

PACCAR manufactures and distributes light-, medium- and heavy-duty commercial trucks; distributes aftermarket parts; and provides vehicle financing to customers and dealers. The company's trucks are marketed under the Kenworth, Peterbilt and DAF names. The company has 27,000 employees.

Monday Tee Up: Fed, Jobs, Earnings This week features more earnings from corporate giants, key jobs data, and a Fed rate meeting. It doesn't get much busier than that, especially for a week in the heat of summer. But spoiler alert on the Fed: no one thinks a rate move is coming this week and odds are at zero. Last week, the markets were again volatile. The Dow Jones Industrial Average ended up 0.8%, the S&P 500 lost 0.8%, and the Nasdaq fell 2.1%. Year to date, the DJIA is higher by nearly 8%, the S&P is up 14%, and the Nasdaq is higher by 15%. On the economic calendar, the Federal Reserve rate decision comes on Wednesday and economists expect no movement. As usual, analysts will dissect what Chairman Powell says in the press conference. Odds are high for a rate cut in September, so Wall Street will be looking for verification that the Fed is leaning in that direction. On Friday, the important July jobs report is due. In June, Nonfarm Payrolls came in at 206,000. Argus sees that declining to 185,000 for July. The unemployment rate was 4.1% in June. We expect no change for July. Meanwhile, Job Openings, Consumer Confidence, and the Case-Shiller Home Price Index will be reported on Tuesday. On Wednesday, the ADP Private Employment report is due out, and on Thursday, ISM Manufacturing and Construction Spending hit the tape. On the earnings calendar, Monday brings news from McDonald's. On Tuesday, Microsoft, Advanced Micro Devices, Procter & Gamble, Pfizer, Merck, and Starbucks report; on Wednesday, Meta, Qualcomm, Boeing, Altria, and Kraft Heinz; on Thursday, Apple, Amazon, Moderna, Booking Holdings, and Coinbase; and on Friday, Chevron and Exxon Mobil. Earnings so far have been coming in 12.1% higher this quarter than a year ago, and 41% of S&P 500 companies have reported. Expectations are for earnings growth of 8%-12% for 2Q. This follows 8% growth in 1Q and 10% in 4Q23. At Argus, we expect EPS for all of 2024 to come in roughly 8%-9% better than last year. Last week featured good news on inflation and economic growth. The Personal Consumption Expenditures Index showed that inflation slowed to 2.5% in June versus 2.6% in May. Core PCE didn't budge, sticking at 2.6%. The initial reading for second-quarter GDP came in at 2.8%, a big jump from 1.4% in 1Q. Mortgage rates ticked up a hair to 6.78% for the average 30-year fixed-rate mortgage. Gas prices fell 3 cents to $3.47 per gallon for the average price of regular gas. The Atlanta Fed GDPNow indicator is forecasting for 3Q and calls for expansion of 2.8%. The Cleveland Fed CPINow indicator forecasts 3.01% for CPI in July. After this week's Fed rate decision, the next one is in mid-September -- and odds at 99% for a cut at that meeting. Of that, 88% expect a 25-basis-point (BPS) cut, while 11% expect a 50 bps cut. As the probability is so high for a rate cut at the September meeting, odds are at 68% for a second cut in November, but a higher 98% for that second cut to take place on December 18. All of this data is according to the CME FedWatch Tool.