Reports of mutant versions of coronavirus spreading in Europe and resurgence of infections across the world have dampened market sentiment, at a time when the economy seemed to be limping back to normalcy.
Adding to the concerns, latest data showed that consumer spending dropped more than expected last month. In a sign that labor market conditions are yet to improve, jobless claims remained elevated last week though there was a sequential decline, even as the government prepares to extend the federal pandemic aid programs under the new stimulus.
In a week shortened by the holiday, major indexes bounced back from last week’s lows but remained volatile. The Dow Jones Industrial Average added more than 300 points since the first trading day of the week, while the S&P 500 closed the last session at 3690.01, up 1.3%. The markets closed early on Thursday, ahead of Christmas day.
Meanwhile, there was caution among investors after the Chinese government ordered antitrust investigation against Alibaba, the region’s largest online marketplace, as part of the efforts to check monopoly in the country’s busy cyberspace. Elsewhere, shares of Tesla ended a long-drawn rally and fell from the record highs this week, coinciding with Apple’s announcement about its new electric car.
Key Earnings to Watch
Monday: Weibo Corporation, Anavex Life Sciences Corp., CSP Inc., and Secoo Holding Limited
Key Investor Days/AGMs to Watch
Key US Economic Events
The following are notable companies which have reported their earnings last week. In case if you have missed to catch up on their performance, click the respective links to skim through the transcripts to glean more insights.
If you want to listen to how management responds to analyst questions and the tone they use, you can head over to our YouTube channel to listen to conference calls on the go.
Energy giant ExxonMobil Corporation (NYSE: XOM) reported a profit for the second quarter of 2021, compared to a loss last year, even as operating conditions continued to improve. The results
Caterpillar Inc (NYSE: CAT) reported second-quarter 2021 financial results before the regular market hours on Friday. The manufacturer of construction machinery and equipment reported Q2 revenue of $12.9 billion, up
Chevron Corporation (NYSE: CVX) reported second-quarter 2021 earnings results today. Total revenues amounted to $37.5 billion compared to $13.4 billion in the year-ago period. The reported net income was $3.1