Oracle, Adobe Results In Focus As Earnings Season Winds Down

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The stock market fell on Friday as nonfarm payrolls surpassed expectations in August. U.S. nonfarm payrolls increased by 162K vs. +55K consensus and +21K in the prior month (revised from -23K), according to data released by the U.S. Bureau of Labor Statistics on Friday.

The economic calendar is relatively lighter for the upcoming holiday-shortened week, with markets closed on September 7 in observance of Labor Day. There are no major data scheduled for Tuesday and Wednesday. On Thursday, PPI data for August and initial jobless claims numbers will be released, with CPI data for the month scheduled for Friday.

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Earnings spotlight: Thursday: Oracle (ORCL), Adobe (ADBE). See the full earnings calendar.

Earnings spotlight: Friday: Kroger (KR). See the full earnings calendar.

Volatility watch: Carvana (CVNA) and GameStop (GME) have seen options volatility increase over the last week. The most overbought stocks per their 14-day Relative Strength Index include Crinetics Pharma (CRNX) and Varex Imaging (VREX). The most oversold stocks per their 14-day Relative Strength Index include TJX (TJX) and DICK’S Sporting (DKS). Short interest is elevated on Xponential Fitness (XPOF) and Recursion Pharmaceuticals (RXRX).

Dividend watch: Companies that have an ex-dividend date coming next week include Cigna (CI), HP Inc. (HPQ), Nvidia (NVDA), and Chubb (CB).

Oracle Earnings Preview: Oracle is scheduled to announce first-quarter results next week with consensus pointing towards earnings of $1.74 per share on revenue of $19.13B. Analysts are expecting another double-beat from Oracle and likely stronger-than-anticipated guidance projections, with an overall positive tone from the management team. They will keenly watch for