All eyes on the Fed announcement today
Stocks surged yesterday, as investor optimism also surged on news that the Senate may actually reach an agreement on the new stimulus package before the end of 2020. To increase overall investor sentiment further, the Food and Drug Administration (FDA) said data showed Moderna's (MRNA) COVID-19 vaccine met emergency use expectations on Tuesday.
The Dow Jones Industrial Average (DJI - 30,199.31) bounced up 337.8 points on Tuesday. The S&P 500 Index (SPX - 3,694.62) climbed 155 points and The Nasdaq Composite (IXIC - 12,595.06) was up 62.2 points yesterday. The Cboe Volatility Index (VIX - 22.89) lost 1.8 point during yesterday's trading session.
The Fed meeting will wrap up today and investor attention will shift to retail sales data, as well as the Markit manufacturing and services Purchasing Managers' Index (PMI). The National Association of Home Builders' (NAHB) index is also scheduled to come out today, and so is business inventories data. Rounding out the day today will be an announcement from Fed Chair Jerome Powell.
For your convenience, we have rounded up the companies slated to release earnings today, December 16:
The Toro Company (NYSE:TTC -- $92.56) designs, manufactures, and markets professional and residential equipment worldwide. Toro will report its fourth-quarter earnings before the bell today.
ABM Industries, Inc. (NYSE:ABM -- $41.10) provides integrated facility solutions. ABM Industries will report its fourth-quarter earnings after the market closes today.
Herman Miller, Inc. (NASDAQ:MLHR -- $40.33) engages in the research, design, manufacture, and distribution of office furniture systems, seating products, other freestanding furniture elements. Herman Miller will report its second-quarter earnings of 2021 after the market closes today.
Lennar Corporation (NYSE:LEN -- $73.87) operates as a homebuilder primarily under the Lennar brand. Lennar will report its fourth-quarter earnings after the market closes today.
Here is a quick recap of how yesterday's earnings calls played out:
MTS Systems Corporation (NASDAQ:MTSC -- $58.24) supplies test systems, motion simulators, and sensors. Earnings per share increased 156.76% year over year to $0.95, which beat the estimate of $0.28. Revenue of $215,055,000 decreased by 4.03% year over year, which beat the estimate of $203,150,000.
Nordson Corporation (NASDAQ:NDSN -- $199.72) engineers, manufactures, and markets products and systems to dispense, apply, and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids. Earnings per share decreased 11.17% year over year to $1.59, which beat the estimate of $1.53. Revenue of $558,525,000 declined by 4.60% from the same period last year, which beat the estimate of $556,680,000.
Looking ahead to tomorrow, the stock market schedule is showing no signs of slowing down, featuring the Philadelphia Federal Reserve Manufacturing Index, as well as building permits and housing starts data. The usual initial and continuing jobless claims data will also be released on Thursday. All economic dates listed here are tentative and subject to change.