Today's Stock Market News & Events: 12/23/2020

Today's market-moving economic data and earnings schedule

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    The news that Congress had passed a $900 billion stimulus package barely impacted stocks yesterday, despite including the long-awaited $600 direct payments to Americans. It's clear that investors are still incredibly concerned about a fast-spreading strain of COVID-19 stemming from the U.K., though World Health Organization (WHO) leaders said both Pfizer's (PFE) and Moderna's (MRNA) vaccines would likely protect against it. The last gross domestic product (GDP) reading of the year came in better-than-expected, while U.S. consumer confidence data missed Wall Street's estimates. 

    The Dow Jones Industrial Average (DJI - 30,015.51) fell 200.9 points yesterday. The S&P 500 Index (SPX - 3,687.26) fell 7.7 points and the Nasdaq Composite (IXIC -12,807.92) was up 65.4 points on Tuesday. The Cboe Volatility Index (VIX - 24.23) was back in the red yesterday, dropping 0.9 point during Tuesday's trading session.

    Today, the pace will pick up for investors with core durable goods, personal income and core inflation data due out. Plus, new home sales data and the consumer sentiment index will be released today. Paychex (PAYX) is the only company reporting to the earnings confessional today.

    For your convenience, we have rounded up the only company slated to release earnings today, December 23:

    Paychex, Inc. (NASDAQ:PAYX -- $96.63) provides integrated human capital management solutions for human resources (HR), payroll, benefits, and insurance services. Paychex will report its second-quarter earnings of 2021 before the bell today.

    Here is a quick recap of how yesterday's earnings calls played out:

    CarMax, Inc. (NYSE:KMX -- $100.46) operates as a retailer of used vehicles in the United States. Earnings per share rose 36.54% over the past year to $1.42, which beat the estimate of $1.14. Revenue of $5,184,900,000 higher by 8.24% from the same period last year, which beat the estimate of $5,000,000,000.

    Cintas Corporation (NASDAQ:CTAS -- $346.13) provides corporate identity uniforms and related business services. Earnings per share increased 15.42% over the past year to $2.62, which beat the estimate of $2.18. Revenue of $1,757,000,000 decreased by 4.72% year over year, which beat the estimate of $1,750,000,000.

    Neogen, Inc. (NASDAQ:NEOG -- $80.52) develops, manufactures, and markets various products for food and animal safety worldwide. Earnings per share decreased 3.2% over the past year to $0.30, which missed the estimate of $0.32. Revenue of $115,000,000 increased by 6.67% year over year, which missed the estimate of $ 115,448,500.

    Looking ahead to tomorrow, the stock market will close at 1 p.m. ET in observance of Christmas Eve. However, investors should stay in the game until the end as the latest round of jobless claims data is due out, as well as durable and core capital goods orders.

    The U.S. stock market has a shortened schedule this week, with only three and a half trading days. Tomorrow, 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.


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