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Bank of America, Johnson & Johnson outshine in earnings as Wyndham shares surge

Published 17/10/2023, 15:30
Bank of America, Johnson & Johnson outshine in earnings as Wyndham shares surge
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As the market opened lower on Tuesday due to U.S retail sales data for September exceeding expectations, several companies released their earnings reports. Bank of America, Goldman Sachs, Johnson & Johnson (NYSE:JNJ), United Airlines, and Ericsson (BS:ERICAs) were among those who disclosed their financial results. The market downturn was reflected in a drop of about 0.4% in the Dow Jones, approximately 0.8% in S&P 500 contracts, and around 1.1% in Nasdaq 100 contracts. Retail sales growth excluding auto and gas was an unexpected 0.7% in September.

Bank of America reported a profit rise of 10%, reflecting last week's strong performance by its peers. Goldman Sachs also featured in Tuesday's third quarter reports, along with Lockheed Martin (NYSE:LMT) which reported higher Q3 revenue due to rising geopolitical tensions. United Airlines is also on the docket. Early signs suggest that corporate America could be emerging from the recent earnings recession.

Ericsson, however, reported downbeat earnings, causing its shares to fall by over 4% in premarket trading. Futures on the Dow Jones were down 0.18%, S&P 500 futures shed 0.23%, and contracts on the Nasdaq 100 were 0.27% lower.

In contrast, Wyndham saw a 12% share rise following news of a potential $10 billion deal with Choice Hotels (NYSE:CHH). This development made Wyndham one of the trending stocks for the day, along with Snap, VinFast Auto (NASDAQ:VFS), Baidu (NASDAQ:BIDU), Tesla (NASDAQ:TSLA), Netflix (NASDAQ:NFLX).

Meanwhile, the ongoing Middle East conflict continues to impact the market as investors consider the possibility of a broader war. President Joe Biden's planned visits to Israel and Jordan have somewhat eased these concerns. Oil prices remain steady as the US intensifies its diplomatic efforts and hopes grow for an easing of US sanctions on Venezuelan oil production.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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