Consumer Discretionary And Financials Led S&P 500 Last Week While Energy Lags

Consumer Discretionary And Financials Led S&P 500 Last Week While Energy Lags

This week is a big one for earnings, not just because of the big names reporting but because of the large number of earnings announcements. Investors can expect the themes of higher costs and supply chain issues to continue. According to data from FactSet, 23% of companies in the S&P 500 have reported their third quarter earnings and 84% of them have beat Wall Street expectations. Earnings for the S&P 500 companies are on pace to grow more than 32% in the third quarter. Kimberly-Clark (KMB) is down nearly 3% in premarket trading after missing on earnings estimates and lowering its remaining 2021 outlook. In a statement by the company, cost issues were perpetuated specifically by "significant inflation and supply chain" disruptions. Outside of the earnings news, Pinterest (PINS) fell nearly 15% before the bell after PayPal (PYPL) reported that it isn't interested "at this time" in acquiring the company. PayPal is up more than 5% on the news. Bloomberg reported this morning that whistleblower documents reveal that Facebook (FB) is losing ground with teenagers and young adults. The stock was down 1% in premarket trade. Facebook is one of the S&P 500's mega-cap tech stocks that report earnings this