With a Thursday rebound in stock prices, both the Dow and the S&P 500 are on track to post a third consecutive week of gains, with more than half of the quarter's earnings reports now in the books. And with a week of trading still to go, the major averages appear likely to post gains for both September and October for the first time in three years.
As we continue to play catch-up on government economic reports, the Commerce Department releases September durable goods orders at 8:30 a.m. ET. Economists are looking for a 4.0 percent increase, compared to an August rise of 0.1 percent.
At 9:55 a.m. ET, the University of Michigan's final reading of consumer sentiment for October is expected to come in at 74.7, compared to the prior reading of 75.2. And at 10 a.m. ET, August wholesale inventories are seen rising 0.4 percent, compared to September's 0.1 percent increase.
An extremely busy week of earnings concludes with a slightly less hectic schedule today, led by Dow component Procter & Gamble (PG). We'll also get the latest numbers from Moody's (MCO), Newell Rubbermaid (NWL), Sherwin-Williams (SHW), Simon Property (SPG), UPS (UPS), and Weyerhaeuser (WY), among others.
Dow component Microsoft (MSFT) leads our list of stocks to watch, reporting fiscal first quarter profit of 62 cents per share, eight cents above estimates, with revenue coming in above forecasts as well. Microsoft's results were aided by upbeat sales for its server software as well as its Office software suite.
DuPont (DD) will spin off its performance chemicals unit into a separate publicly-traded company. That follows a number of calls over the past few years for the company to shed that unit.
Amazon.com (AMZN) reported a third quarter loss of nine cents per share, matching Wall Street estimates. However, its revenue came in above estimates, and the online retail giant gave indications that it would have a strong holiday season performance.
Zynga (ZNGA) lost two cents per share for the third quarter, compared to Street estimates of a four cent loss. The online gaming company also saw revenue come in above estimates, and Zynga said it also expects to be profitable, on an adjusted basis, for the coming year.
Outerwall (OUTR) reported third quarter profit of 97 cents per share, nine cents above estimates, with revenue beating consensus as well. The parent of the Redbox video rental business also predicted full year profit above analyst forecasts.
Deckers Outdoor (DECK) earned 95 cents per share for the third quarter, 23 cents above estimates, with revenue beating analyst estimates as well. Those results also exceeded the footwear maker's prior forecasts, and Deckers also gave an upbeat outlook for the full year.
Wynn Resorts (WYNN) reported third quarter profit of $1.84 per share, excluding certain items, 18 cents above estimates. Wynn has been benefitting by the increasing popularity of gambling in Macau.
Western Digital (WDC) beat estimates by seven cents with fiscal first quarter profit of $2.12 per share, excluding certain items, and also saw revenue beat forecasts. The maker of hard disk drives was able to sell more higher profit margin products during the quarter.
Netgear (NTGR) matched Street estimates with third quarter profit of 58 cents per share, excluding certain items. Revenue was above estimates, but the maker of networking gear gave a fourth quarter revenue outlook that was below analyst forecasts.
Eastman Chemical (EMN) earned $1.68 per share for the third quarter, four cents above estimates, as sales grew. However, the chemical maker also lowered its full year forecast because of headwinds in several of its businesses.
Cliffs Natural Resources (CLF) missed estimates by six cents with third quarter profit of 65 cents per share, excluding certain items. However, the mining company did see improved iron ore prices as well as lower costs.
Express Scripts (ESRX) matched estimates with third quarter profit of $1.08 per share, excluding certain items. Revenue was above Street consensus for the pharmacy benefits manager.