Closing A Light Earnings Week

Recent earnings reports imply that the positive momentum from early July is still in the air. Last week, Adobe ADBE and FedEx FDX treated us with blockbuster results that confirmed the favorable trends, contributing to overall recovery of the U.S. economy.

This week, it was up to Nike NKE to deliver a blockbuster earnings report. Its shares surged and lifted the Dow Jones industrial average as the sports retailer smashed both revenue and profit expectations.

US stocks rose on Wednesday on strong earnings and progress on the upcoming COVID-19 vaccine as Johnson & Johnson JNJ announced it is starting the third phase of its candidate in the largest study to date that will enroll up to 60,000 participants.

On the other hand, this week was not so kind to Tesla TSLA whose shares dropped after its Battery Day event on Tuesday failed to delight investors. Musk laid out a plan to get to a $25,000 EV it expects to begin selling in three years but without showing any tangible progress.

Gold fell but oil prices climbed. Oil's international benchmark jumped 1%, to $42.15 per barrel as BP BP, Royal Dutch Shell (NYSE: RDS-A)(NYSE: RDS-B) and other European energy companies are restructuring their core business to dramatically reduce emissions while investing heavily in renewable energy. Meanwhile, the American oil giants Chevron CVX and Exxon Mobil Corporation XOM are going in a far different direction.

Although it's premature, the early reports suggest there is hope for Q3 and improved outlook in a variety of sectors. As for the third quarter of 2020, total S&P 500 earnings are expected to decline 23.1% on 2.9% drop in revenues, which is an improvement from Q2 expectations and figures.

Next week, Thor Industries Inc THO, Conagra CAG, Constellation Brands STZ and Bed Bath and Beyond BBBY will give their own contribution to solving the outlook puzzle.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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