Earnings Push Wall Street Toward Weekly Wins

Earnings took center stage this week

Deputy Editor
Jan 27, 2023 at 2:55 PM
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Earnings season was in full swing this week, helping the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) both log triple-digit gains right out of the gate, while the S&P 500 Index (SPX) moved back above the psychologically significant 4,000 level. Momentum slowed quickly though, after disappointing guidance from 3M (MMM), followed by disappointing reports from heavy hitters Microsoft (MSFT) and Boeing (BA). By the end of the week, optimism returned following strong gross domestic product (GDP) data and upbeat earnings from Tesla (TSLA). As of this writing all three indexes are on pace for weekly wins, as the Cboe Volatility Index's (VIX) retreats.

Unpacking the Week's Biggest Quarterly Reports

Earnings are at the forefront of investors' minds, as these reports can be used as a gauge for the state of the economy. Microsoft (MSFT) was one of the most important reporters of the week, and the results were a lot gloomier than analysts had hoped. Tesla's (TSLA) fourth-quarter revenue set records, leading to a post-earnings bull barrage. Intel (INTC) was ripped apart by analysts after its earnings report. Defense contractor Lockheed Martin (LMT) continues to see tailwinds from Russia's invasion of Ukraine, while Macao's reopening helped bolster Las Vegas Sands' (LVS) results. I

Analyst Notes Your Might Have Missed

When the week started off strong, it looks like analyst optimism was lifted after these three stocks nabbed big upgrades. Meanwhile, headwinds rolled in for Sunrun (RUN) and SunPower (SPWR) on the withdrawal of solar incentives in California. Pfizer (PFE) was downgraded on the need for lower Covid estimates, aerospace concern Raytheon Technologies (RTX) nabbed post-earnings bull notes, and one brokerage said Lululemon Athletica (LULU) is facing a significant inflection point.

Significant Fed Update on Tap

To close out January, investors will turn their attention to earnings reports from several Big Tech firms, as well as the latest update from the Federal Reserve are slated to report earnings. In the meantime, check out this sounding S&P 500 market breadth signal.


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