We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Market indices took another rollercoaster ride this trading day, closing with a flourish in the final half-hour or so of the session. All major indices were off intra-day highs, however, aside from the small-cap Russell 2000, which a gain outperformed the field today: +0.81%. The S&P 500 gained +0.66%, the Dow was up +0.61% and the Nasdaq gained +0.60%.
Not that this really makes much sense, unless the market feels it has already oversold the 75 basis-point (bps) hike expected September 21st. But Fed Chair Powell spoke in a Q&A this morning where hew reiterated the Fed’s view that it needs to stay hawkish for longer in order to successfully fight inflation. Is it possible the market feels Powell — 75 bps in September or no — can be relied on to pivot to a dovish stance sometime after this next Fed meeting?
In any case, we’re now positive for this holiday-shortened week of trading, with one more session to go. The only reports we’ve got on the docket for then is a revision to July Wholesale Inventories and some Fed speak from Presidents Evans and George, as well as Fed Governor Chris Waller. Throughout the week, we’ve been scant on meaningful economic data, and this doesn’t look to change tomorrow. Unless market participants feel they’ve moved too far too fast (doesn’t look like it), we don’t expect any sharp pullback from here.
After the closing bell, luxury furniture and accessories company RH (RH - Free Report) — formerly Restoration Hardware — solidly beat estimates on both its top and bottom lines for the company’s top and bottom lines: non-GAAP earnings of $8.08 per share well outperformed the $6.81 in the Zacks consensus, on $992 million in quarterly revenues that surpassed the $970.8 million expected. Shares are up +1.2% in the late session, +1% year to date.
Covid-era boom stock Docusign (DOCU - Free Report) also reported fiscal Q3 earnings after today’s closing bell, and shares are up +18% in late trading as a result: earnings of 44 cents per share only beat expectations by 2 cents, but revenues surged to $622 million from $602 million expected. The company also raised next-quarter guidance slightly. Docusign has long been known as a strong play for the Covid era, but now looks as it has a healthy life beyond restrictions forced by the pandemic. Questions or comments about this article and/or its author? Click here>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Markets Finish Up Again; RH, DOCU Beat in Q3
Market indices took another rollercoaster ride this trading day, closing with a flourish in the final half-hour or so of the session. All major indices were off intra-day highs, however, aside from the small-cap Russell 2000, which a gain outperformed the field today: +0.81%. The S&P 500 gained +0.66%, the Dow was up +0.61% and the Nasdaq gained +0.60%.
Not that this really makes much sense, unless the market feels it has already oversold the 75 basis-point (bps) hike expected September 21st. But Fed Chair Powell spoke in a Q&A this morning where hew reiterated the Fed’s view that it needs to stay hawkish for longer in order to successfully fight inflation. Is it possible the market feels Powell — 75 bps in September or no — can be relied on to pivot to a dovish stance sometime after this next Fed meeting?
In any case, we’re now positive for this holiday-shortened week of trading, with one more session to go. The only reports we’ve got on the docket for then is a revision to July Wholesale Inventories and some Fed speak from Presidents Evans and George, as well as Fed Governor Chris Waller. Throughout the week, we’ve been scant on meaningful economic data, and this doesn’t look to change tomorrow. Unless market participants feel they’ve moved too far too fast (doesn’t look like it), we don’t expect any sharp pullback from here.
After the closing bell, luxury furniture and accessories company RH (RH - Free Report) — formerly Restoration Hardware — solidly beat estimates on both its top and bottom lines for the company’s top and bottom lines: non-GAAP earnings of $8.08 per share well outperformed the $6.81 in the Zacks consensus, on $992 million in quarterly revenues that surpassed the $970.8 million expected. Shares are up +1.2% in the late session, +1% year to date.
Covid-era boom stock Docusign (DOCU - Free Report) also reported fiscal Q3 earnings after today’s closing bell, and shares are up +18% in late trading as a result: earnings of 44 cents per share only beat expectations by 2 cents, but revenues surged to $622 million from $602 million expected. The company also raised next-quarter guidance slightly. Docusign has long been known as a strong play for the Covid era, but now looks as it has a healthy life beyond restrictions forced by the pandemic.
Questions or comments about this article and/or its author? Click here>>