Market activity picks up today after a bleak start to the week
Traders kept their attention focused on last week’s election turmoil and the ever-present promise of more Covid-19 stimulus relief throughout yesterday’s trading session. News that House Speaker Nancy Pelosi has called for the impeachment of President Donald Trump also rippled through Wall Street on Monday. Investors seem to have begun bracing themselves for a possible market correction, following last week’s slew of record highs.
The Dow Jones Industrial Average (DJI – 31,008.69) dropped 89.3 points on Monday. The S&P 500 Index (SPX – 3,799.6) dropped 25.1 points and the Nasdaq Composite (IXIC – 13,036.43) dropped 165.5 points yesterday. The Cboe Volatility Index (VIX – 24.08) jumped 11.7% during Monday’s trading session.
Today’s trading session activity will pick up, featuring the NFIB small-business index, as well as the latest job openings report.
The following companies are slated to release quarterly earnings reports today, January 12:
Albertsons Companies, Inc. (NYSE:ACI — $16.75) operates as a food and drug retailer in the United States. Albertsons will report its third-quarter earnings of 2020 before the bell today.
KB Home (NYSE:KBH — $33.71) operates as a homebuilding company in the United States. KB Home will report its fourth-quarter earnings of 2020 after the market closes today.
Here is a quick recap of how Monday’s earnings reports played out:
AZZ, Inc. (NYSE:AZZ — $49.40) provides galvanizing and metal coating solutions, welding solutions, specialty electrical equipment, and highly engineered services. Earnings per share were down 4.76% year over year to $0.80, which beat the estimate of $0.66. Revenue of $226,623,000 declined by 22.16% from the same period last year, which missed the estimate of $234,440,000.
Commercial Metals Company (NYSE:CMC — $22.56) manufactures, recycles, and fabricates steel and metal products, and related materials and services. Earnings per share fell 20.55% over the past year to $0.58, which beat the estimate of $0.54. Revenue of $1,392,000,000 up by 0.51% from the same period last year, which beat the estimate of $1,340,000,000.
SYNNEX Corporation (NYSE:SNX — $86.90) provides business process services. Earnings per share went up 22.30% over the past year to $5.21, which beat the estimate of $3.83. Revenue of $7,410,000,000 up by 12.61% from the same period last year, which beat the estimate of $6,455,592,000.
Looking ahead to tomorrow, the excitement continues as Wall Street will feature CPI and core CPI data. In addition, the Federal Reserve’s latest “Beige Book” report is due out, as is federal budget data.
The U.S. stock market will be operating on a shortened schedule next week. The Nasdaq and New York Stock Exchange will both be closed on Monday, Jan. 18, in observance of Martin Luther King Jr. Day. A normal trading session will resume on Tuesday, Jan. 19, starting at 9:30 a.m. ET.
All economic dates listed here are tentative and subject to change.