Sep 25, 2020 (IAM Newswire via COMTEX) -- Recent earnings reports imply that the positive momentum that made its appearance early July is still in the air. Last week, Adobe /zigman2/quotes/200389143/composite ADBE -0.14% and FedEx /zigman2/quotes/203047719/composite FDX +1.70% 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’s /zigman2/quotes/203439053/composite NKE +0.53% 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 /zigman2/quotes/201724570/composite JNJ -0.98% announced it is starting the third phase of its candidate in a largest study to date that will enroll up to 60,000 participants.
On the other hand, this week was not so kind to Tesla /zigman2/quotes/203558040/composite TSLA -0.08% 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 /zigman2/quotes/207305210/composite BP +0.43% , Royal Dutch Shell 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 /zigman2/quotes/205871374/composite CVX -0.50% and Exxon Mobil Corporation /zigman2/quotes/204455864/composite XOM +0.07% 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 /zigman2/quotes/202832948/composite THO +0.48% , Conagra /zigman2/quotes/200394144/composite CAG +0.20% , Constellation Brands /zigman2/quotes/207737284/composite STZ +0.62% Bed Bath and Beyond /zigman2/quotes/209801102/composite BBBY +1.51% will give their own contribution to solving the outlook puzzle.
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