What to expect in the week ahead (MU, GIS)
By Chloe
Weekly market recap
For the week, the $Nasdaq Composite Index(.IXIC.US$ advanced 2.74%, the $S&P 500 Index(.SPX.US$ gained 3.44%, and the $Dow Jones Industrial Average(.DJI.US$ rose 2.35%.
For the week, the $Nasdaq Composite Index(.IXIC.US$ advanced 2.74%, the $S&P 500 Index(.SPX.US$ gained 3.44%, and the $Dow Jones Industrial Average(.DJI.US$ rose 2.35%.
This week has been a strong one for stocks, with the S&P 500 posting its largest one-week percentage gain since February. The Dow snapped its two-week losing streak.
Stocks were also pushed higher Thursday after news broke that the White House and a group of bipartisan lawmakers had agreed to a $1.2 trillion infrastructure deal. If that spending happens, it could serve as a modest boost to economic growth and would create a new revenue stream for construction and manufacturing companies.
Here's a look at the returns of S&P 500 sectors.
The week ahead in focus
A handful of notable companies will release their latest results toward the end of this week. $FactSet Research Systems Inc(FDS.US)$, $Micron Technology Inc(MU.US)$, and $General Mills Inc(GIS.US)$ will report this week.
The second quarter ends in the week ahead, and the second half of 2021 begins in a period of potentially slower gains for stocks.
The monthly jobs report is the highlight in the coming week, as June winds down and markets start the second half of the year. Economists are expecting about 700,000 jobs. That's better than the 559,000 in May but below the forecasts of several months ago that payroll creation would be rolling along with monthly gains of at least 1 million. Wage data could be hot with the Dow Jones estimate at a 3.7% year-over-year gain in average hourly wages, up from 1.98% in May.
$Micron Technology Inc(MU.US)$, the American computer memory and computer data storage producer, plans to report earnings on Wednesday.
Few investors have any doubts about the strength of the just-ended quarter. Most of those following the stock expect earnings to double year over year, with revenue climbing at a faster than 35% pace. Many see that growth continuing well into next year.
According to Zacks, current quarter estimates have risen from $1.63 per share to $1.67 per share over the past month, while current year estimates have risen from $5.48 per share to $5.55 per share.
$General Mills Inc(GIS.US)$, an American multinational manufacturer and marketer of branded consumer foods, will report earnings of $0.85 per share, representing a year-over-year decline of over 20%, down from $1.10 per share seen in the same period a year ago.
The consumer foods manufacturer's revenue would decline over 14% year-over-year to $4.3 billion. In the last four consecutive quarters, on average, the company has delivered an earnings surprise of over 6%.
Source: Bloomberg, CNBC, WSJ
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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cdkhe : up trend
lamwl88 : MU Gona drop on earnings as usual.
Rooster Zah : Excellent, thanks Chloe.
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