Stock markets managed to make a rebound on Thursday after a big sell-off on Wednesday. However, whether rebound could sustain is a question mark. As far as the companies that lined up for Friday, notable results included Campbell Soup Company (NYSE:CPB), Deere & Company (NYSE:DE) and Foot Locker, Inc. (NYSE:FL). There is nothing to be expected from the economic front to close the week.
In all probability, the stock markets could close the week on a losing note. The Dow Jones managing a gain of 55 points after witnessing a steep fall of 372 points would not be sufficient enough to compensate the sluggishness seen on Monday and Tuesday. As the weekend approaches, trading could be a range-bound on Friday in the absence of any catalyst to lift investors’ sentiments.
Aside from the Dow Jones, the S&P 500 and the Nasdaq have also been facing sluggishness. The Nasdaq, which outperformed the rest in the last few weeks, could struggle to keep the momentum in its favor though the index rebounded better than the other two. Sentiments from the Asian markets are mixed and that would not enable the American markets to take a direction.
Looking ahead of the current week too, the stock markets are poised to trade range-bound since there are not enough catalysts to boost sentiments. The job data is not expected at least in the next two weeks to provide some directions. Corporate earnings announcement is nearing to an end and small number of companies’ announcement will not have a much bearing on the market. The Fed is also not likely to meet again at least until next month. Therefore, no fresh catalysts could be expected at least in the next two-week period. That would mean that upside potential is very limited.
The following companies will report their earnings results today:
- Campbell Soup Company (NYSE:CPB) will disclose its three-month performance before the normal trading session commences. Market expects an EPS of 64 cents.
- Deere & Company (NYSE:DE) is planning to reveal its quarterly numbers before the bell. Analysts are looking for an EPS of $1.65.
- Destination XL Group Inc (NASDAQ:DXLG) will release its financial results before the regular market commences. Analysts see a loss per share of four cents.
- Foot Locker, Inc. (NYSE:FL) is scheduled to announce its results before the market opens. Analysts expect an EPS of $1.38.
- MakeMyTrip Limited (NASDAQ:MMYT) is expected to reveal a loss per share of six cents when the company announces its results on Friday.
- Quality Systems, Inc. (NASDAQ:QSII) is planning to release its three-month performance before the bell. Analysts expect an EPS of 19 cents.