Increasingly heated trade rhetoric between the U.S. and China did not dissuade the DJIA from a .61% rally on Wednesday. Pressure from Amazon (AMZN) held back the Nasdaq. Financials drove the Dow higher, even with financial analysts from companies like JP Morgan and BofA beginning to sharpen their knives when it comes to the bull market. Financials offset the increasingly negative outlook for utility stocks as rates have begun rising. While trade remains the main focus of market pundits, strong fundamentals continue to shine through in price action.  

Micron (MU) headlines Thursday’s earnings calendar. Investors in the stock have been on a wild ride in 2018. The company twice breached the $60 level only to fall back into the low $40s where it began the year. Analysts will be looking for a cheerier outlook from the company than the one it presented last quarter. Cautious management comments about the future sent the stock reeling. Also reporting on Thursday is Darden Restaurants (DRI). The Olive Garden owner has been on a roll with positive same store sales increasing quarter after quarter. Cheddar’s, Darden’s newest acquisition, was the lone black sheep last quarter. Analysts will be anxious to hear how the chain has improved.

Finally, Thor Industries (THO) will report on Thursday as well. The announced acquisition this week of Erwin Hymer, a European RV maker, gave the stock a small lift after falling throughout most of 2018. The company hopes growth in Europe will lift it out of the doldrums. Analysts will be looking for a report of integration plans and what the outlook is for the newly purchased company. The Friday earnings calendar is clear at this time.

The Thursday economic numbers will provide investors with a range of items from which to pick. The news includes jobless claims, the Philly Fed Business Outlook Survey, existing home sales, and leading economic indicators. After four months of slowing, existing home sales are expected to rise slightly from 5.34M to 5.36M in August. Economists are keeping a close eye on the housing market for signs of deterioration they fear may spill over into the general economy. Friday is a quadruple witching day with market index futures, market index options, stock options, and stock futures all expiring. These days are often more volatile than usual. Economic numbers Friday include PMI composite flash numbers and the Baker-Hughes rig count. Composite PMI is expected to come in at 55.1 almost unchanged from last month’s 55 level.

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