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Market indices look to bounce back this week after the S&P 500 and the Nasdaq both posted their worst performance weeks since March: -2.3% and -2.9%, respectively. The Dow also dropped, but by a less-severe -1.1%. This morning, we’re marginally up across the board, though with economic report cues a lot less common and impactful than we saw last week, which charted jobs growth with JOLTS, (ADP - Free Report) and the nonfarm payrolls from the U.S. Bureau of Labor Statistics.
We’ll see Consumer Price Index (CPI) and Producer Price Index (PPI) reports on Thursday and Friday of this week, which is expected to see core prints remain above +3% on the former and mid-2% on the latter. If these come in as analysts project, we’ll still be above optimum inflation levels the Fed has long set, which is +2%. Until then, it’ll be a bit quiet on the economic reports front; later today — as of the closing bell, in fact — Consumer Credit for June is expected to blossom to $11 billion from $7 billion reported last month.
Q2 earnings season continues to roar forward another week, even as many of the marquee names have already posted results for the June quarter. This week, The Walt Disney Co. (DIS - Free Report) comes out with fiscal Q3 numbers after the closing bell. It’s been a tough year so far for the entertainment giant, with big misses on some of its film releases and ongoing battles with increasingly restrictive Florida laws being signed by Governor Ron DeSantis. Shares of DIS are down -3% year to date, and earnings per share are expected to come in -9% for the quarter.
Today, after the bell, Peter Thiel-founded Big Data corporation Palantir (PLTR - Free Report) releases Q2 earnings results, entering the trading day of its earnings report with a Zacks Rank #2 (Buy) and expecting +13% growth on its top line and a whopping +600% on earnings for the quarter. Should they beat these numbers, it will be the third straight quarter Palantir will have outperformed consensus. Shares are up an incredible +180% year to date, +140% just since early May. Can it deliver perfection? It’s currently expected to.
One company that did not report a perfect quarter this morning is Tyson Foods (TSN - Free Report) , parent of brand names such as Jimmy Dean, Hillshire Farms, Ball Park franks and, of course, Tyson chicken. Fiscal Q3 earnings came in at 15 cents per share, for a year-over-year drop of -92%, well off expectations of 34 cents per share expected. Revenues of $13.14 billion swung to a year-over-year loss of -3% from and expected +2% growth. Closing plants on lower demand and prices have led to the underperformance. The stock is trading down -8% in today’s pre-market. For more on TSN’s earnings, click here.
Image: Shutterstock
Markets Look to Bounce Back; Tyson Misses Badly
Market indices look to bounce back this week after the S&P 500 and the Nasdaq both posted their worst performance weeks since March: -2.3% and -2.9%, respectively. The Dow also dropped, but by a less-severe -1.1%. This morning, we’re marginally up across the board, though with economic report cues a lot less common and impactful than we saw last week, which charted jobs growth with JOLTS, (ADP - Free Report) and the nonfarm payrolls from the U.S. Bureau of Labor Statistics.
We’ll see Consumer Price Index (CPI) and Producer Price Index (PPI) reports on Thursday and Friday of this week, which is expected to see core prints remain above +3% on the former and mid-2% on the latter. If these come in as analysts project, we’ll still be above optimum inflation levels the Fed has long set, which is +2%. Until then, it’ll be a bit quiet on the economic reports front; later today — as of the closing bell, in fact — Consumer Credit for June is expected to blossom to $11 billion from $7 billion reported last month.
Q2 earnings season continues to roar forward another week, even as many of the marquee names have already posted results for the June quarter. This week, The Walt Disney Co. (DIS - Free Report) comes out with fiscal Q3 numbers after the closing bell. It’s been a tough year so far for the entertainment giant, with big misses on some of its film releases and ongoing battles with increasingly restrictive Florida laws being signed by Governor Ron DeSantis. Shares of DIS are down -3% year to date, and earnings per share are expected to come in -9% for the quarter.
Today, after the bell, Peter Thiel-founded Big Data corporation Palantir (PLTR - Free Report) releases Q2 earnings results, entering the trading day of its earnings report with a Zacks Rank #2 (Buy) and expecting +13% growth on its top line and a whopping +600% on earnings for the quarter. Should they beat these numbers, it will be the third straight quarter Palantir will have outperformed consensus. Shares are up an incredible +180% year to date, +140% just since early May. Can it deliver perfection? It’s currently expected to.
One company that did not report a perfect quarter this morning is Tyson Foods (TSN - Free Report) , parent of brand names such as Jimmy Dean, Hillshire Farms, Ball Park franks and, of course, Tyson chicken. Fiscal Q3 earnings came in at 15 cents per share, for a year-over-year drop of -92%, well off expectations of 34 cents per share expected. Revenues of $13.14 billion swung to a year-over-year loss of -3% from and expected +2% growth. Closing plants on lower demand and prices have led to the underperformance. The stock is trading down -8% in today’s pre-market. For more on TSN’s earnings, click here.
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