Wall Street is slated to close out the week with minimal market-moving news, but we all know there will still be plenty going on to keep traders busy today
It's Friday! But, first, let's recap Thursday. All major U.S. benchmarks closed higher today, but investor optimism stayed subdued amid political gridlock over a stimulus package deal on Capitol Hill. After U.S. President Donald Trump pushed for an airline bailout bill on Wednesday, House Speaker Nancy Pelosi pushed back yesterday announced on Thursday that there would not be financial support for airlines without a broader stimulus package. Period.
The Dow Jones Industrial Average (DJI - 28,425.51) gained 0.4% on Thursday. The S&P 500 Index (SPX - 3,446.83) added 0.8% for the day and the Nasdaq Composite (IXIC - 11,420.98) added 0.5% during Thursday's trading session. The Cboe Volatility Index (VIX - 26.36) clocked it's second straight loss, dropping 6.1% yesterday.
Now we will dive into the specifics. Here are our top stories from yesterday, all complete with actionable insights:
Now, back to today's stock news. The first full week of October 2020 is closing out quietly, at least as far as economic and earnings news is concerned. Investors will dig into the monthly forecast from the United States Department of Agriculture today, and that's pretty much it as far as scheduled activity. There are no earnings announcements of note, but let's recap how yesterday's earnings reports played out:
Acuity Brands, Inc. (NYSE: AYI -- $101.54) provides lighting and building management solutions and services in North America and worldwide. The company released its third-quarter earnings before the bell yesterday.
- Earnings per share were down 14.55% year over year to $2.35, which beat the estimate of $2.03. Revenue of $891.2 million declined by 5% year over year, which beat the Wall Street’s estimate of $828.4 million.
Carnival Corporation & Plc (NYSE: CCL -- $15.61) is a leisure travel company. Carnival reported its fiscal second-quarter earnings before the bell on Thursday.
- Earnings per share were reported at $2.19, which beat the estimate of $2.22. Revenue of $31 million declined by 99.5% year over year, missing Wall Street’s estimate of $71.18 million.
Domino's Pizza, Inc. (NYSE: DPZ -- $401.01) is a pizza delivery company in the United States and worldwide. Domino's reported its fiscal second-quarter earnings yesterday morning.
- Earnings per share were up 21.5% over the past year to $2.49, but missed the estimate of $2.79. Revenue of $967.52 million rose by 17.9% from the same period last year, which beat the Wall Street’s estimate of $945.59 million.
Helen of Troy Limited (NASDAQ: HELE -- $195.50) designs, develops, imports, markets, and distributes a portfolio of consumer products worldwide. Helen of Troy released its fiscal first-quarter earnings of 2021 before the bell yesterday.
- Earnings per share were up 68.3% over the past year to $3.77, beating the estimate of $2.32. Revenue of $530.85 million rose by 28.23% from the same period last year, which beat the Wall Street’s estimate of $439.89 million.
Looking forward to next week, we expect that talk around the second stimulus postponement will continue batting around the markets, while we see investors eyeing data drops for clues into how the economy is faring. This upcoming week highlights the consumer side, with retail and manufacturing data scheduled. As always (at least lately), jobs data on Thursday will prove to be an attention grabber for investors. But the big news will be the unofficial start to another earnings season, with several banks giving their quarterly reports, plus a lot of other big names are on next week's docket!
Keeping track of the week’s stock market activity is no easy feat. Our Schaeffer’s Market Mashup podcast gives you a quick 15-minute look at hot-button investing news and trends, as well as interviews with analysts and traders to help you craft a rock-solid options strategy. Tune into the latest episode of Market Mashup to up your investment game starting this weekend.
As always, all earnings and economic dates listed on SchaeffersResearch.com are tentative and subject to change. Please check with each company's respective website for official reporting dates.