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.
Unisys Corporation (NYSE: UIS) is one of the few tech firms that failed to take full advantage of the digital transformation wave spurred by the coronavirus. But the recent improvement
American Express Company (NYSE: AXP) reported fourth-quarter 2020 earnings results today. Consolidated revenues, net of interest expense, declined 18% to $9.3 billion, The quarter primarily reflected declines in Card Member
General Electric Company (NYSE: GE) reported fourth quarter 2020 earnings results today. Total revenues fell 16% year-over-year to $21.9 billion but came ahead of market estimates of $21.8 billion.