A quick rundown of today's market-moving events
Stocks fell yesterday marking their first loss in four days, as New York City experienced another coronavirus case outbreak; however, losses were capped as reports were released showing that consumer confidence rose more than analysts anticipated for the month of September.
The Dow Jones Industrial Average (DJI - 27,452.66) fell 0.5% on Tuesday. Nike (NYSE: NKE) led the list of winners yesterday with a 1.6% increase and Chevron (NYSE: CVX) paced the small list of losers today with a 2.8% decrease. Meanwhile, the S&P 500 Index (SPX - 3,335.47) lost 0.5% for the day yesterday. The Nasdaq Composite (IXIC - 11,085.25) shed 0.3% during yesterday's session. Lastly, the Cboe Volatility Index (VIX - 26.27) ended up 0.3% for the day yesterday.
As we noted last week, investors' attention be on the Automatic Data Processing (ADP) national employment report, as well as the latest GDP reading today. On top of that, the PMI also comes out later today, accompanied by pending home sales and crude oil inventories data. Today is the last trading session of September and of the third quarter of 2020.
ICYMI yesterday:
As we round out third quarter of the year, earnings reports are pretty light. However, for your convenience, we have rounded up all the companies slated to release their quarterly earnings today.
Outside of earnings announcements, which will be picking up now that we are wrapping up Q3, there are two highly anticipated IPOs slated for today: Palantir Technologies Inc. (NYSE: PLTR) and Asana Inc. (NYSE: ASAN). Both companies will be listed on The New York Stock Exchange (NYSE) with reference pricing set at $7.25 for Palantir, a data-mining software company, and a reference price of $21 for Asana, a team collaboration software company. Both companies are going public via a direct listing on Wednesday. As a side note, a reference price is not the same thing as the opening price, as it is simply a guide for investors prior to the opening bell.
Tomorrow, the first day of October, manufacturing data from the the Institute for Supply Management (ISM) will be released, in addition to core personal consumption expenditure data. Earnings from Bed, Bath & Beyond (NASDAQ: BBBY), Conagra (NYSE: CAG), Constellation Brands (NYSE: STZ) and PepsiCo (NASDAQ: PEP) are slated to be released.