Last week ended with all three major indexes closing lower on quadruple witching Friday. The main source of contention was the $900 billion stimulus package that was still pending in Congress, with last-minute disagreements putting a damper on progress. Despite the last day of the week going red, the indexes all scored intraday records earlier in the day, and took away weekly wins.
The Dow Jones Industrial Average (DJI - 30,179.05) dropped 0.4% for the day on Friday, and gained 0.4% last week. The S&P 500 Index (SPX - 3,709.41) dropped 0.4% on Friday, and gained 1.3% last week. The Nasdaq Composite (IXIC -12,755.64) dropped 0.1%, for the day on Friday, but added 2.9% on the week last week. Finally, the Cboe Volatility Index (VIX - 21.57) lost 1.6% on Friday, and shed 7.5% for the week for its fourth consecutive weekly loss.
The stock market will be relatively quiet in the days leading up to Christmas this week, though there will still be a handful of economic indicators for investors to evaluate as we take on the second-to-last week of the year. The holiday-shortened week will feature core durable goods, personal income, core inflation, and new and existing home sales data -- all due before the market closes early on Thursday. In addition, traders can expect the weekly jobless claims update, as well as the consumer confidence and sentiment indexes.
Today, the week kicks off with Chicago Fed national activity data on tap. We will also hear from FactSet, Calavo Growers, and HEICO on the earnings front.
For your convenience, we have rounded up the companies slated to release earnings today, December 21:
FactSet Research Systems, Inc. (NYSE:FDS -- $347.03) provides integrated financial information and analytical applications. FactSet will report its first-quarter earnings of 2021 before the bell today.
Calavo Growers, Inc. (NASDAQ:CVGW -- $72.08) markets and distributes avocados, prepared avocados, and other perishable foods. Calavo Growers will report its fourth-quarter earnings after the market closes today.
HEICO Corporation (NYSE:HEI -- $133.09) designs, manufactures, and sells aerospace, defense, and electronic related products and services. HEICO will report its fourth-quarter earnings after the market closes today.
Here is a quick recap of how Friday's earnings calls played out:
Apogee Enterprises, Inc. (NASDAQ:APOG -- $32.13) designs and develops glass and metal products and services. Earnings per share increased 57.89% year over year to $0.90, which beat the estimate of $0.69. Revenue of $313,583,000 decreased by 7.20% from the same period last year, which missed the estimate of $327,410,000.
Darden Restaurants, Inc. (NYSE:DRI -- $118.62) owns and operates full-service restaurants. Earnings per share were down 33.93% year over year to $0.74, which beat the estimate of $0.71. Revenue of $1,657,000,000 declined by 19.41% year over year, which missed the estimate of $1,680,000,000.
Winnebago, Inc. (NYSE:WGO -- $59.54) manufactures and sells recreation vehicles and marine products. Earnings per share rose 131.51% over the past year to $1.69, which beat the estimate of $0.98. Revenue of $793,131,000 higher by 34.78% year over year, which beat the estimate of $752,500,000.
NIKE, Inc. (NYSE:NKE -- $140.50) designs, develops, markets, and sells athletic footwear, apparel, equipment, and accessories. Earnings per share rose 12.9% over the past year to $0.78, which beat the estimate of $0.70. Revenue of $11,200,000,000 higher by 6.16% year over year, which beat the estimate of $10,330,000,000.
Looking ahead to tomorrow, investors will be looking ahead to a gross domestic product (GDP) revision, the latest consumer confidence index, and existing home sales data. CarMax, Neogen, and Cintas are all slated to release their quarterly earnings reports on Tuesday, too.
The U.S. stock market has a shortened schedule this week, with only three and a half trading days. On Thursday, December 24, the stock market hours will be 9:30 a.m. through 1:00 p.m. ET in observance of Christmas Eve. On Friday, December 25, the stock market will be closed in observance of Christmas.