The three major U.S. equity indexes closed higher again Monday. The Dow Jones industrials ended the day up 0.13%, the S&P 500 closed 0.09% higher and the Nasdaq saw a gain of 0.25%. Eight of 11 sectors closed higher, with communications services (1.83%) and energy (1.73%) posting the biggest gains. Utilities (−1.94%) had Monday’s poorest showing.
This week’s economic calendar includes the monthly report on the consumer price index (CPI). Economists are expecting the Thursday morning release to show that the index increased month over month in October by 0.7%. Core CPI (which excludes food and energy) is expected to tick down from 0.6% to 0.5%. The weekly report on new claims for unemployment insurance will be released Thursday as well. New claims are expected to rise from last week’s 217,000 to 220,000.
The three major indexes traded higher about 30 minutes after Tuesday’s opening bell.
After U.S. markets closed Monday, Lyft reported better-than-expected earnings per share (EPS) but missed the consensus revenue estimate. Ridership numbers for the quarter were lower than expected and remained below pre-pandemic levels. Shares traded down by around 18.5% Tuesday morning.
Activision Blizzard beat consensus estimates on both the top and bottom lines. The pending $70 billion acquisition by Microsoft makes this kind of a so-what moment, though. Shares still traded about $23 below the buyout price of $95. The stock traded up by 1.6% Tuesday morning.
Before markets opened Tuesday morning, Constellation Energy reported a much worse-than-expected loss per share, while at the same time easily beating the consensus revenue estimate. Operating and maintenance costs soared, however, sending EBITDA down by more than $350 million. Constellation also lowered its fourth-quarter adjusted EBITDA guidance. Shares traded down about 2.1% Tuesday morning.
GlobalFoundries beat consensus estimates on the top and bottom lines. Fourth-quarter EPS guidance was above estimates, while revenue guidance was in line with expectations. Shares traded up about 4.7%.
After markets close Tuesday, Affirm, AMC Entertainment and Disney will report quarterly results, as will Lucid, Occidental Petroleum and Plug Power. Look for Canopy Growth, D.R. Horton, and Hecla Mining to share their results before U.S. markets open on Wednesday. Later on Wednesday, Kinross Gold, Unity Software and Wynn Resorts take their turns in the earnings spotlight.
Here is a preview of three companies set to report quarterly results first thing Thursday morning.
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