It was a shortened week for investors, as the markets were closed on Monday for Martin Luther King Jr. Day. Despite the fewer trading days, there were several major events and earnings releases that impacted the markets this week.
We started the trading week off with a few big-name earnings in the pre-market.
- Morgan Stanley (MS ) – Reported higher results, but missed estimates.
- Johnson & Johnson (JNJ ) – Posted lower earnings and revenue. Beat EPS estimates, but revenue fell short of expectations.
- Halliburton Company (HAL ) – Reported higher results. Beat EPS estimates, but missed on revenue.
While the markets dipped during the day, the indices entered positive territory by the end of the trading day. The Dow closed up 0.02%, the S&P 500 went up 0.20% and the Nasdaq rose 0.40%.
Investors were also focused on Thursday’s ECB meeting and news that the Bank of Canada cut interest rates due to the drop in oil prices.
The Dow closed up 0.20%, the S&P 500 went up 0.50% and the Nasdaq rose 0.30%.
Before Thursday’s opening bell, there were a couple of notable earnings releases. The Jobless Claims report was also released – indicating that initial jobless claims were at a seven-year high in December.
- Verizon (VZ ) – Posted a net loss for the quarter, but matched EPS estimates.
- Travelers Companies (TRV ) – Reported higher results and beat analysts’ estimates.
The markets rallied after the ECB announced a bond-buying program to boost the eurozone economy.
There were several big-name pre-market earnings to wrap up the week:
- General Electric (GE ) – Reported higher earnings, which beat analysts’ estimates.
- McDonald’s (MCD ) – Posted lower results, but exceeded analysts’ expectations.
- Honeywell (HON ) -Reported higher earnings and revenue and beat estimates.
- Kimberly-Clark (KMB ) – Reported a net loss and missed estimates.
- Bank of New York Mellon (BK ) – Revenue and earnings increased. EPS missed estimates.
Next week, investors will be focusing on the FOMC minutes on Wednesday. There will also be several notable earnings releases including Microsoft (MSFT )
, Apple (AAPL ) , Procter & Gamble (PG ) and Chevron (CVX ).