- Earnings season kicks off with Q3 results as Microsoft & Alphabet prepare to report
- Burlington Stores gains 4.9% as the top gainer; currently at $125.15
- European markets are currently mixed so far this session.
Yesterday's trading session saw to it that leading equity indices in the US rose as Dow Jones gained 1.34% and closed at 31,500. S&P 500 closed the day at 3,797.34, having gained 1.19%.
US markets are now currently closed and set to reopen today; meanwhile, European markets are in session with varied performances. Asia-Pacific markets closed higher today whilst Nikkei improves by 1.02%, reaching 27,250.
With Q3 earnings season getting underway, around 77.78% of US companies have beaten market estimates so far. This past week, Lockheed Martin & PPG Industries Inc published their earnings reports while Microsoft & Alphabet are scheduled to release their results in the coming days.
Today's rise takes place amid mixed market indicators — United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2. United States Composite PMI released yesterday at 13:45 UTC with a figure of 47.3, while the previous figure was 49.5. Fresh Manufacturing PMI data from United States came out at 49.9.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released Thursday. United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Core Durable Goods Orders expected to decline to 0.2% while its preceding data was 0.3%, data will be available Thursday.
While most stocks did well yesterday, some did better than others as Burlington Stores trades at $125.15 having gained 4.9%. HEICO (up 3.67%) and NextEra Energy (up 2.27%) also performed well yesterday.
Burlington Stores is up to $127 (+1.47%) in pre-market trading after closing yesterday's session at $125.15
Burlington Stores lived up to expectations yesterday by maintaining its set course — after ending Friday at $119.3, Burlington Stores spiked to $125.17 and closed yesterday at $125.15 — gaining 4.9% overall. Burlington Stores is currently trading with a market cap of $8.20 billion with an average daily trading volume of 1.37 million shares. So far in 2022, it has been doing worse than the Nasdaq by 12.93%.
Yesterday's gains added to NextEra Energy's bullish trend that has lasted for 3 days so far, during which it increased a total of $1. Yesterday's trading volume was 8.63 million shares which is slightly below the 21-day average of 8.82 million.
NextEra Energy is scheduled to announce earnings results today. The consensus Earnings Per Share estimate is 0.7884 and the consensus revenue estimate is $5.96 billion.