Welp, nothing lasts forever. Market indices could not hold onto another day in their long string of positive trading days — on the S&P 500 and Nasdaq, at least. The Dow had its eight-day streak broken yesterday. We saw levels holding steady through lunchtime, but gave way in the afternoon, ostensibly on higher bond yield rates.
The Dow fell -220 points, -0.65%, S&P 500 was -0.81%, the Nasdaq — which has led the major indices over the past week, month and year-to-date — dropped -128 points, -0.94%, and the small-cap Russell 2000 continues its rough slide, -1.57% on the session. Only the Dow remains positive over the past month of trading; only the Russell is negative year to date.
There wasn’t a lot today to sway opinions of investors. Jobless Claims were higher on the longer-term end, but nothing worth worrying about at this stage. Weekly claims remained consistently low. Otherwise, even those bond yields didn’t warrant a big sell-off, unless the psychological barrier of 5% on the 2-year, which was again breached today, constitutes such a reason. For the 10-year, yields are now up to 4.63% — well off the mid-October highs.
There isn’t even a lot to write home about in Q3 earnings season, although today’s tally of more than 1250 companies reporting — very few of which are in the S&P 500, but still — brought more than enough information about the health of companies across nearly all industries. But none of these companies are of the top-tier for earnings headlines.
That said, Capri Holdings (CPRI - Free Report) , which has been in talks to be acquired by rival brand conglomerate Tapestry in recent days, missed expectation on both top and bottom lines in its fiscal Q2 report after the bell today. Earnings of $1.13 per share came in well below the $1.49 in the Zacks consensus, and revenues of $1.29 billion missed the $1.33 billion expected, -8.6% year over year. The company said it experienced revenue declines across all brands, including Michael Kors, Versace and Jimmy Choo.
Wynn Resorts (WYNN - Free Report) , on the other hand, posted very strong beats on both earnings and sales in its Q3 earnings report this afternoon, putting up earnings of 99 cents per share versus 79 cents expected (and a huge comp from -$1.20 per share reported a year ago) on $1.67 billion in revenues, above the estimated $1.58 billion. Steady demand at its Macau destinations was a big reason for the beats. But a hospitality workers’ strike deadline tomorrow for a new labor agreement is taking a bite out of this good news, and shares are trading down -5% in the after-market.
Questions or comments about this article and/or author? Click here>>
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
Welp, nothing lasts forever. Market indices could not hold onto another day in their long string of positive trading days — on the S&P 500 and Nasdaq, at least. The Dow had its eight-day streak broken yesterday. We saw levels holding steady through lunchtime, but gave way in the afternoon, ostensibly on higher bond yield rates.
The Dow fell -220 points, -0.65%, S&P 500 was -0.81%, the Nasdaq — which has led the major indices over the past week, month and year-to-date — dropped -128 points, -0.94%, and the small-cap Russell 2000 continues its rough slide, -1.57% on the session. Only the Dow remains positive over the past month of trading; only the Russell is negative year to date.
There wasn’t a lot today to sway opinions of investors. Jobless Claims were higher on the longer-term end, but nothing worth worrying about at this stage. Weekly claims remained consistently low. Otherwise, even those bond yields didn’t warrant a big sell-off, unless the psychological barrier of 5% on the 2-year, which was again breached today, constitutes such a reason. For the 10-year, yields are now up to 4.63% — well off the mid-October highs.
There isn’t even a lot to write home about in Q3 earnings season, although today’s tally of more than 1250 companies reporting — very few of which are in the S&P 500, but still — brought more than enough information about the health of companies across nearly all industries. But none of these companies are of the top-tier for earnings headlines.
That said, Capri Holdings (CPRI - Free Report) , which has been in talks to be acquired by rival brand conglomerate Tapestry in recent days, missed expectation on both top and bottom lines in its fiscal Q2 report after the bell today. Earnings of $1.13 per share came in well below the $1.49 in the Zacks consensus, and revenues of $1.29 billion missed the $1.33 billion expected, -8.6% year over year. The company said it experienced revenue declines across all brands, including Michael Kors, Versace and Jimmy Choo.
Wynn Resorts (WYNN - Free Report) , on the other hand, posted very strong beats on both earnings and sales in its Q3 earnings report this afternoon, putting up earnings of 99 cents per share versus 79 cents expected (and a huge comp from -$1.20 per share reported a year ago) on $1.67 billion in revenues, above the estimated $1.58 billion. Steady demand at its Macau destinations was a big reason for the beats. But a hospitality workers’ strike deadline tomorrow for a new labor agreement is taking a bite out of this good news, and shares are trading down -5% in the after-market.
Questions or comments about this article and/or author? Click here>>
Top 5 ChatGPT Stocks Revealed
Zacks Senior Stock Strategist, Kevin Cook names 5 hand-picked stocks with sky-high growth potential in a brilliant sector of Artificial Intelligence. By 2030, the AI industry is predicted to have an internet and iPhone-scale economic impact of $15.7 Trillion.
Today you can invest in the wave of the future, an automation that answers follow-up questions … admits mistakes … challenges incorrect premises … rejects inappropriate requests. As one of the selected companies puts it, “Automation frees people from the mundane so they can accomplish the miraculous.”
Download Free ChatGPT Stock Report Right Now >>
Get the latest research report on WYNN - FREE
Get the latest research report on CPRI - FREE