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Futures Down on Weak Eurozone Data, Investors Wait for U.S. News
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Pre-market trading activities point to a lower opening owing to weak IHS Markit Flash PMI Eurozone data. Investors are cautiously waiting for the developments in the United States, which will be released after trading starts. All three major index futures — the Dow, the S&P 500 and the Nasdaq Composite — are in red.
Market participants remain concerned over the delay in the announcement of a fresh round of fiscal stimulus. Democrats and Republicans are at loggerheads regarding the size and the scope of the new stimulus. Meanwhile, the $600 per week unemployment benefit and small business Paycheck Protection Program have ended.
Yesterday's weekly jobless claims data showed unemployment increased in the absence of a fresh stimulus. This is likely to dent the purchasing power of Americans and affect overall consumer spending, which is the main driver of the GDP.
The resurgence of coronavirus cases has interrupted the reopening of the U.S. economy. Moreover, it is still not clear when a vaccine will be available for COVID-19. At this stage, investors have once again opted for technology stocks instead of reopening stocks.
Yesterday's rally of the tech behemoths helped iPhone maker Apple Inc. (AAPL - Free Report) to close for the first time with a market capital above $ 2 trillion. On Aug 19, Apple became the first publicly traded U.S. company to touch $ 2 trillion in market cap, although, it had failed to close the session at that level. The company has proven to be resilient to the pandemic and still generates more than 80% of revenues by selling high-priced devices primarily made in China, where the virus was first identified.
The week has been a mixed one for Wall Street so far. The benchmark S&P Index recorded a fresh all-time high on Aug 19th, erasing coronavirus-led losses after six months. The Nasdaq Composite maintained its momentum buoyed by the tech rally. However, the Dow remained negative week to date, despite strong earnings results from retail behemoths.
Earnings Results
Deere & Company (DE - Free Report) , the global leader in farm equipment manufacturing, reported stronger-than-expected third-quarter fiscal 2020 earnings results. Replacement demand for farm equipment and $19 billion stimulus provided by the government to the farm sector boosted the company's results.
Quarterly adjusted earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $1.30. However, the metric decreased from $2.71 reported a year-ago. Revenues of $7.86 billion exceeded the Zacks Consensus Estimate of $6.64 billion. However, the year-ago period's revenues were $8.97 billion. For a detailed discussion on DE's earnings, click here.
Athletic shoes and apparel retailer Foot Locker Inc. (FL - Free Report) reported impressive second-quarter fiscal 2020 earnings results. Same stores sales jumped 18.6% year over year. Adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 69 cents and increased from 66 cents reported a year-ago. Revenues of $2.08 billion were slightly above the Zacks Consensus Estimate of $2.07 billion and improved from the year-ago value of $1.77 billion. To get more information on FL's earnings, click here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Image: Bigstock
Futures Down on Weak Eurozone Data, Investors Wait for U.S. News
Pre-market trading activities point to a lower opening owing to weak IHS Markit Flash PMI Eurozone data. Investors are cautiously waiting for the developments in the United States, which will be released after trading starts. All three major index futures — the Dow, the S&P 500 and the Nasdaq Composite — are in red.
Market participants remain concerned over the delay in the announcement of a fresh round of fiscal stimulus. Democrats and Republicans are at loggerheads regarding the size and the scope of the new stimulus. Meanwhile, the $600 per week unemployment benefit and small business Paycheck Protection Program have ended.
Yesterday's weekly jobless claims data showed unemployment increased in the absence of a fresh stimulus. This is likely to dent the purchasing power of Americans and affect overall consumer spending, which is the main driver of the GDP.
The resurgence of coronavirus cases has interrupted the reopening of the U.S. economy. Moreover, it is still not clear when a vaccine will be available for COVID-19. At this stage, investors have once again opted for technology stocks instead of reopening stocks.
Yesterday's rally of the tech behemoths helped iPhone maker Apple Inc. (AAPL - Free Report) to close for the first time with a market capital above $ 2 trillion. On Aug 19, Apple became the first publicly traded U.S. company to touch $ 2 trillion in market cap, although, it had failed to close the session at that level. The company has proven to be resilient to the pandemic and still generates more than 80% of revenues by selling high-priced devices primarily made in China, where the virus was first identified.
The week has been a mixed one for Wall Street so far. The benchmark S&P Index recorded a fresh all-time high on Aug 19th, erasing coronavirus-led losses after six months. The Nasdaq Composite maintained its momentum buoyed by the tech rally. However, the Dow remained negative week to date, despite strong earnings results from retail behemoths.
Earnings Results
Deere & Company (DE - Free Report) , the global leader in farm equipment manufacturing, reported stronger-than-expected third-quarter fiscal 2020 earnings results. Replacement demand for farm equipment and $19 billion stimulus provided by the government to the farm sector boosted the company's results.
Quarterly adjusted earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $1.30. However, the metric decreased from $2.71 reported a year-ago. Revenues of $7.86 billion exceeded the Zacks Consensus Estimate of $6.64 billion. However, the year-ago period's revenues were $8.97 billion. For a detailed discussion on DE's earnings, click here.
Athletic shoes and apparel retailer Foot Locker Inc. (FL - Free Report) reported impressive second-quarter fiscal 2020 earnings results. Same stores sales jumped 18.6% year over year. Adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 69 cents and increased from 66 cents reported a year-ago. Revenues of $2.08 billion were slightly above the Zacks Consensus Estimate of $2.07 billion and improved from the year-ago value of $1.77 billion. To get more information on FL's earnings, click here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>