Short interest for Packaging Corp of America gives investors a sense of the degree to which investors are betting on the decline of Packaging Corp of America's stock. Short interest data is updated every two weeks.

Packaging Corp of America Stock (NYSE:PKG), Short Interest Report

Packaging Corp of America

Packaging Corp of America is the third-largest containerboard and corrugated packaging manufacturer in the United States. It produces over 4.5 million tons of containerboard annually. The company's share of the domestic containerboard market is roughly 10%. The firm differentiates itself from larger competitors by focusing on smaller customers and operating with a high degree of flexibility.

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The mood on Wall Street turned tentative on Tuesday as investors awaited earnings reports from the “Magnificent 7,” companies that fueled much of the market’s upside since 2023. Index futures rose slightly in early trading. Asian markets closed mostly higher, while European markets started on a firmer footing. Commodities pulled back, and bond yields held steady.

Wall Street Set To Open Higher As Tesla Kicks Off &#39;Magnificent 7&#39; Earnings: Why This Analyst Thinks Market Weakness Is A &#39;Healthy Pullback&#39;

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With U.S. stock futures trading slightly lower this morning on Tuesday, here are some stocks that may grab investor focus today.

General Motors, Tesla And 3 Stocks To Watch Heading Into Tuesday

Packaging Corporation of America Common Stock

Packaging Corp of America's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) short percent of float has fallen 4.15% since its last report. The company recently reported that it has 1.42 million shares sold short, which is 2.08% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.38 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Packaging Corp of America Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714488312_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Packaging Corp of America has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Packaging Corp of America's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Packaging Corp of America's peer group average for short interest as a percentage of float is 3.36%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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(PKG) - Analyzing Packaging Corp of America's Short Interest

Corporate <a href="https://www.benzinga.com/markets/equities/24/04/38471231/strong-quarterly-earnings-fuel-market-optimism-despite-inflation-concerns-slowing-economic-growt">earnings came to the market&#8217;s rescue in the past week,</a> helping to overcome rate fears. As we look ahead to the unfolding week, it remains to be seen whether the tech earnings deluge can keep the rally&#8217;s momentum going. 
The Week That Was: High-profile Magnificent Seven earnings panned out mostly positively for the market, with Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) the outlier. The social media giant&#8217;s stock fell sharply as traders fretted over the soft second-quarter revenue guidance and the company&#8217;s massive AI investment plans. 
Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) managed to appease the Street despite the double miss as it held out the promise of an expeditious launch of a more affordable EV. 
With the earnings season now halfway through, the percentage of S&amp;P 500 companies reporting positive earnings surprises and the magnitude of earnings surprises were above their 10-year averages, <a href="https://insight.factset.com/sp-500-earnings-season-update-april-26-2024?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-04-26-2024&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdateapril262024">said </a>FactSet in a report.
The blended first-quarter earnings growth of S&amp;P 500 companies is estimated at 3.5%, up from the 0.6% growth estimated in the week ended April 19, the financial data analytics firm said. If the trend holds, the S&amp;P 500 companies are on track to report earnings growth for the third straight quarter.
Of the 11 S&amp;P sector classes, eight sectors reported year-over-year earnings growth, led by communication services, utilities, IT, and consumer discretionary sectors. On the other hand, healthcare, energy, and materials have reported year-over-year earnings declines.
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks Right Now</a>
Look Ahead: The unfolding week will see 175 S&amp;P 500 companies and 6 Dow 30 components releasing their quarterly scorecards. The earnings roster includes two Magnificent Seven companies, namely Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) and Amazon, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), e-commerce retailers, payment processors, restaurants, and energy and REIT companies.
Earnings from Apple and Amazon could be market-moving, given the weighting of these stocks in the S&amp;P 500 Index. Also, Apple is considered a bellwether, given its exposure to consumers. Morgan Stanley&#8217;s Erik Woodring expects Apple to report a slightly beat but guide June quarter revenue down. 
Investors are likely to keep a close eye on performance in China, Apple&#8217;s updated capital return framework, and capital expenditures, the analyst said.
That said, the analyst is positive on the stock ahead of its annual Worldwide Developers&#8217; Conference due on June 10th. &#8220;With Apple&#8217;s biggest WWDC event on June 10th, we&#8217;d buy post-earnings weakness,&#8221; he said.
Amazon will likely continue to report double-digit sales and profit growth in the first quarter, according to Telsey Advisory Group analyst Joseph Feldman. The analyst premised his optimism on the strength of online spending, gains from expanded merchandise and faster fulfillment, and stabilization (and growth) of AWS. 
&#8220;Importantly, we expect [a] greater focus on profits supported by the growth of higher margin categories and services, such as advertising, media, and AWS (partly helped by AI-related upgrades), the redesigned distribution network&#8230;.. and cost savings,&#8221; he said.
Notable among the <a href="https://www.benzinga.com/calendars/earnings">companies reporting earnings this week</a> are:
Monday 
<ul>
<li>Before the bell: JinkoSolar Holding Co., Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>), ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>), Koninklijke Philips N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>), SoFi Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>)</li>
<li>After the close: F5, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>), Everest Group, Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EG#NYSE">EG</a>), NXP Semiconductors N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXPI#NASDAQ">NXPI</a>), Lattice Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LSCC#NASDAQ">LSCC</a>), MicroStrategy Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>), Qiagen N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QGEN#NYSE">QGEN</a>), Rambus Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RMBS#NASDAQ">RMBS</a>), Sanmina Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANM#NASDAQ">SANM</a>), Yum China Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUMC#NYSE">YUMC</a>)</li>
</ul>
Tuesday 
<ul>
<li>Before the bell: 3M Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), The Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>), Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>), McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), Molson Coors Beverage Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAP#NYSE">TAP</a>), PayPal Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>)</li>
<li>After the close: Advanced Micro Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), ONEOK, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>), Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), Skyworks Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWKS#NASDAQ">SWKS</a>), Unum Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNM#NYSE">UNM</a>). Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), Stryker Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), RenaissanceRe Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RNR#NYSE">RNR</a>), Prudential Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>), Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), The Clorox Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLX#NYSE">CLX</a>), Chesapeake Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHK#NASDAQ">CHK</a>)</li>
</ul>

Wednesday 
<ul>
<li>Before the bell: Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>), CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>), The Estée Lauder Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EL#NYSE">EL</a>), Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>), GSK plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>), The Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>), KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>), Logitech International S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOGI#NASDAQ">LOGI</a>), Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>), Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), Pfizer, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>), Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>)</li>
<li>After the close: Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>), The Allstate Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Beazer Homes USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BZH#NYSE">BZH</a>), C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>), Devon Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>), Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>), First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>), Kulicke and Soffa Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLIC#NASDAQ">KLIC</a>), Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>), MetLife, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>), MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>), NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>), Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>), Sunnova Energy International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOVA#NYSE">NOVA</a>), Upwork Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPWK#NASDAQ">UPWK</a>), Wolfspeed, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>), Zillow Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZG#NASDAQ">ZG</a>)</li>
</ul>
Thursday 
<ul>
<li>Before the bell: ArcelorMittal S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MT#NYSE">MT</a>), ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), CyberArk Software Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>), Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>), Intercontinental Exchange, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>), Kimco Realty Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>), Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>), PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), Wayfair Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/W#NYSE">W</a>), Zoetis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZTS#NYSE">ZTS</a>)</li>
<li>After the close: Amgen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>), BJ&#8217;s Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BJRI#NASDAQ">BJRI</a>), Booking Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>), Cloudflare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NET#NYSE">NET</a>), Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Consolidated Edison, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>), DraftKings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), Five9, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>), Expedia Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXPE#NASDAQ">EXPE</a>), Illumina, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ILMN#NASDAQ">ILMN</a>), Live Nation Entertainment, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>), United States Steel Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>), Regency Centers Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REG#NASDAQ">REG</a>), Reinsurance Group of America, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGA#NYSE">RGA</a>), Pioneer Natural Resources Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>), Opendoor Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OPEN#NASDAQ">OPEN</a>), Monster Beverage Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNST#NASDAQ">MNST</a>)</li>
</ul>
Friday 
<ul>
<li>Before the bell: American Axle &amp; Manufacturing Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXL#NYSE">AXL</a>), Cboe Global Markets, Inc. (CBOE: CBOE), Fluor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLR#NYSE">FLR</a>), The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>), Owens &amp; Minor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMI#NYSE">OMI</a>), XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>)</li>
</ul>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the broader S&amp;P 500 Index, ended Friday&#8217;s session up 0.95% at $508.26, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an ETF levered more to high-profile, non-financial tech stocks, rose 1.54% to $431.
Read Next: <a href="https://www.benzinga.com/news/earnings/earnings-misses/24/04/38464570/us-energy-stocks-fall-following-oil-giants-subdued-earnings-reports">US Energy Stocks Fall Following Oil Giants&#8217; Subdued Earnings Reports</a>

Citigroup analyst Anthony Pettinari maintains Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) with a Neutral and lowers the price target from $183 to $181.

Price Target

Analyst Ratings

Citigroup Maintains Neutral on Packaging Corp of America, Lowers Price Target to $181

Wells Fargo analyst Gabe Hajde upgrades Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) from Equal-Weight to Overweight and raises the price target from $187 to $191.

Upgrades

Wells Fargo Upgrades Packaging Corp of America to Overweight, Raises Price Target to $191

WIIM

Packaging Corporation of America shares are trading lower after the company reported Q1 financial results.

The mood on Wall Street turned tentative on Tuesday as investors awaited earnings reports from the &#8220;Magnificent 7,&#8221; companies that fueled much of the market&#8217;s upside since 2023. Index futures rose slightly in early trading. Asian markets closed mostly higher, while European markets started on a firmer footing. Commodities pulled back, and bond yields held steady.
Earnings from several high-profile names could provide direction. Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares rose modestly from their recent lows, ahead of the company&#8217;s earnings due after the close. A positive earnings surprise or optimistic commentary could lift the stock and potentially the broader market.
 Futures Performance On Tuesday ( as of 6:20 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.29%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.24%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.19%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.12%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Tuesday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.21% to $500.75,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.30% to $420.07, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Past Session:
U.S. stocks snapped a six-session losing streak on Monday as bond yields eased and financial and technology stocks rallied. Positive earnings from some regional banks improved sentiment toward the space and the broader financial sector per se. 
After a positive start, the indices trimmed their gains and bottomed in late-morning trading. They launched into a rally but ended off the highs of the session.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+1.11%</td>
<td>15,451.31</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.87%</td>
<td>5,010.60</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.67%</td>
<td>38,239.98</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.02%</td>
<td>1,967.47</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Earnings could be the week&#8217;s key catalyst along with Friday&#8217;s inflation data, said fund manager Louis Navellier in a note to clients. &#8220;This&nbsp;is a huge week of earnings&nbsp;with companies worth $17 trillion reporting, including distressed Tesla,&#8221; he said.
&#8220;Investors are understandably cautious going into the big earnings this week.&nbsp;If things turn out well we should see a strong buying of the dip,&#8221; he added.
Wharton Professor Jeremy Siegel, Senior Economist to WisdomTree, said in his weekly commentary the recent market pullback could be a healthy correction. &#8220;The near-term inflation outlook appears to be under control, with a trend towards moderation and the recent pullback from the highs leading to a healthy correction for the market,&#8221; he said.
&#8220;Despite the tech downturn, value has still greatly underperformed growth since the COVID-19 pandemic. Notwithstanding, I regard the resulting weakness as a healthy pullback, and expect the market to move to new highs.&#8221;
Upcoming Economic Data:
S&amp;P Global is set to release its flash services and manufacturing purchasing managers&#8217; indices for April at 9:45 a.m. EDT. The manufacturing PMI is expected to tick up from March&#8217;s 51.9 to 52, and the services PMI may also have improved from 51.7 to 52.
The Commerce Department will release the new home sales report for March at 10 a.m. EDT. Economists, on average, expect new home sales to come in at a seasonally adjusted annual rate of 669,000 units, up from a 662,000-unit rate in February.
The Treasury will auction two-year notes at 1 p.m. EDT.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus: 
<ul>
<li> Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) fell over 6% <a href="https://www.benzinga.com/premarket">in the premarket</a> following its earnings release. Other stocks reacting to earnings reported Monday after the close include Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) (down over 4%), and Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) (down over 5%).</li>
<li>D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), Fiserv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), General Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), PepsiCo. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NYSE">PEP</a>), PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) and Xerox Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NYSE">XRX</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) are among the<a href="https://www.benzinga.com/calendars/earnings"> companies due to report before the market open.</a></li>
<li>Notable names reporting after the close are isa, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Tesla, Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Canadian National Railway Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures reversed course and fell about 1% on Monday, trading at a little over $82 a barrel, and gold futures also saw weakness and fetched around $2,300 an ounce. 
The 10-year note yield remained unchanged at 4.623%.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) gained modestly, with the apex crypto trading above the $66,000 level.
Most Asian markets advanced on Tuesday, led by the Hong Kong, Singaporean and Taiwanese markets, while the Chinese, Indonesian and South Korean markets closed modestly to moderately lower. The positive lead from Wall Street overnight generated positive sentiment in the region, ahead of the tech earnings reports. 
European stocks were firmer for a second straight session, with the Euro STOXX 50 Index up about 0.72% in early trading. The U.K.&#8217;s FTSE 100 Index rose for a fifth straight session. Business activity readings from the region came in mostly above expectations.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38374423/elon-musk-reacts-as-ark-invest-analyst-says-its-going-to-be-very-hard-for-tesla-rivals-to-catch-" target="_blank" rel="noreferrer noopener">Elon Musk Reacts As ARK Invest Analyst Says &#8216;It&#8217;s Going To Be Very Hard&#8217; For Tesla Rivals &#8216;To Catch Up To Them&#8217; In Pricing</a>
Image Via Shutterstock

Wall Street Set To Open Higher As Tesla Kicks Off 'Magnificent 7' Earnings: Why This Analyst Thinks Market Weakness Is A 'Healthy Pullback'

With U.S. stock futures trading slightly lower this morning on Tuesday, here are some stocks that may grab investor focus today:
<ul>
<li>Wall Street expects PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) to report quarterly earnings at $1.52 per share on revenue of $18.08 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. PepsiCo shares fell 1% to $174.79 in after-hours trading.</li>
<li>Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) posted better-than-expected earnings for its first quarter on Monday. The company said it sees second-quarter earnings of $2.07 per share. Packaging Corp shares fell 5.2% to $170.00 in the after-hours trading session.</li>
<li>Analysts are expecting General Motors Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>) to post quarterly earnings at $2.14 per share on revenue of $41.88 billion. The company will release earnings before the markets open. GM shares fell 0.3% to $43.07 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Hibbett, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIBB#NASDAQ">HIBB</a>) agreed to be acquired by JD Sports Fashion for $87.50 per share in cash, in a $1.1 billion transaction. Hibbett shares gained 1.9% to close at $72.49 on Monday.</li>
<li>Analysts expect Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) to post quarterly earnings at 51 cents per share on revenue of $22.34 billion after the closing bell. Tesla shares fell 0.4% to $141.45 in after-hours trading.</li>
</ul>
Read More: <a href="https://www.benzinga.com/24/04/38355486/top-3-financial-stocks-that-could-blast-off-this-quarter">Top 3 Financial Stocks That Could Blast Off This Quarter</a>

&quot;Orders in our Paper segment are expected to remain strong however, volume will be lower due to a scheduled maintenance outage at our International Falls, MN mill during the quarter. Although we are implementing our recently announced paper price increases, average prices and mix are expected to be slightly lower due to the published decrease in index prices earlier this year and how that impacts contract triggers with certain customers,&quot;&nbsp;Mark W. Kowlzan, Chairman and CEO, said

Guidance

Packaging Corporation Of America Expects Q2 EPS Of $2.07, Est $2.22

Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) reported quarterly Adj earnings of $1.72 per share which beat the analyst consensus estimate of $1.68 by 2.38 percent. The company reported quarterly sales of $1.979 billion which beat the analyst consensus estimate of $1.909 billion by 3.65 percent. This is a 0.15 percent increase over sales of $1.976 billion the same period last year.

Packaging Corp of America Q1 2024 Adj EPS $1.72 Beats $1.68 Estimate, Sales $1.979B Beat $1.909B Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; MainStreet Bancshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNSB#NASDAQ">MNSB</a>) is projected to report quarterly earnings at $0.52 per share on revenue of $17.10 million.
&bull; Dynex Cap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DX#NYSE">DX</a>) is likely to report quarterly loss at $0.09 per share on revenue of $-570 thousand.
&bull; Zions Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) is projected to report quarterly earnings at $0.98 per share on revenue of $743.48 million.
&bull; Verizon Communications (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) is likely to report quarterly earnings at $1.12 per share on revenue of $33.24 billion.
&bull; HBT Finl (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HBT#NASDAQ">HBT</a>) is projected to report quarterly earnings at $0.55 per share on revenue of $56.63 million.
&bull; AZZ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZZ#NYSE">AZZ</a>) is projected to report quarterly earnings at $0.70 per share on revenue of $351.67 million.
&bull; Truist Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TFC#NYSE">TFC</a>) is estimated to report quarterly earnings at $0.80 per share on revenue of $5.70 billion.
&bull; Sify Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIFY#NASDAQ">SIFY</a>) is estimated to report quarterly earnings at $0.00 per share on revenue of $149.30 million.
&bull; Washington Trust Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WASH#NASDAQ">WASH</a>) is likely to report quarterly earnings at $0.45 per share on revenue of $31.50 million.
&bull; Bank of Hawaii (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOH#NYSE">BOH</a>) is estimated to report quarterly earnings at $0.87 per share on revenue of $160.21 million.
&bull; Kaspi.kz (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KSPI#NASDAQ">KSPI</a>) is estimated to report earnings for its first quarter.
&bull; Albertsons Companies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>) is expected to report quarterly earnings at $0.52 per share on revenue of $18.47 billion.
<h3>Companies Reporting After The Bell</h3>
&bull; Globe Life (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>) is expected to report quarterly earnings at $2.79 per share on revenue of $1.42 billion.
&bull; NBT Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBTB#NASDAQ">NBTB</a>) is likely to report quarterly earnings at $0.68 per share on revenue of $135.32 million.
&bull; Simpson Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SSD#NYSE">SSD</a>) is expected to report quarterly earnings at $1.92 per share on revenue of $549.85 million.
&bull; Crane (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CR#NYSE">CR</a>) is projected to report quarterly earnings at $1.12 per share on revenue of $546.38 million.
&bull; Hexcel (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HXL#NYSE">HXL</a>) is likely to report quarterly earnings at $0.41 per share on revenue of $473.78 million.
&bull; RLI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RLI#NYSE">RLI</a>) is expected to report quarterly earnings at $1.60 per share on revenue of $367.78 million.
&bull; Alexandria Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>) is likely to report quarterly earnings at $2.32 per share on revenue of $772.57 million.
&bull; Ameriprise Finl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>) is expected to report quarterly earnings at $8.20 per share on revenue of $4.12 billion.
&bull; Cleveland-Cliffs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) is projected to report quarterly earnings at $0.22 per share on revenue of $5.35 billion.
&bull; SAP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) is expected to report quarterly earnings at $1.11 per share on revenue of $8.56 billion.
&bull; AGNC Investment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGNC#NASDAQ">AGNC</a>) is expected to report quarterly earnings at $0.57 per share on revenue of $473.78 million.
&bull; Servisfirst Bancshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>) is expected to report quarterly earnings at $0.88 per share on revenue of $109.10 million.
&bull; HealthStream (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HSTM#NASDAQ">HSTM</a>) is likely to report quarterly earnings at $0.11 per share on revenue of $72.02 million.
&bull; Lufax Holding (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LU#NYSE">LU</a>) is estimated to report quarterly earnings at $0.12 per share on revenue of $1.02 billion.
&bull; Equity Lifestyle Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELS#NYSE">ELS</a>) is expected to report quarterly earnings at $0.49 per share on revenue of $387.14 million.
&bull; SmartFinancial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMBK#NYSE">SMBK</a>) is expected to report quarterly earnings at $0.41 per share on revenue of $39.14 million.
&bull; Trustco Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRST#NASDAQ">TRST</a>) is expected to report quarterly earnings at $0.60 per share on revenue of $43.13 million.
&bull; Independent Bank Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBTX#NASDAQ">IBTX</a>) is expected to report quarterly earnings at $0.59 per share on revenue of $121.39 million.
&bull; Medpace Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEDP#NASDAQ">MEDP</a>) is likely to report quarterly earnings at $2.46 per share on revenue of $512.58 million.
&bull; Cathay General (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CATY#NASDAQ">CATY</a>) is likely to report quarterly earnings at $0.98 per share on revenue of $187.46 million.
&bull; Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) is likely to report quarterly earnings at $1.13 per share on revenue of $1.00 billion.
&bull; Brown &amp; Brown (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRO#NYSE">BRO</a>) is estimated to report quarterly earnings at $1.06 per share on revenue of $1.22 billion.
&bull; Pinnacle Finl Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PNFP#NASDAQ">PNFP</a>) is likely to report quarterly earnings at $1.56 per share on revenue of $423.19 million.
&bull; Cadence Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CADE#NYSE">CADE</a>) is expected to report quarterly earnings at $0.55 per share on revenue of $427.01 million.
&bull; SPDR ICE Preferred Securities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSK#NYSE">PSK</a>) is estimated to report quarterly earnings at $0.18 per share on revenue of $129.00 million.
&bull; Enterprise Finl Servs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFSC#NASDAQ">EFSC</a>) is expected to report quarterly earnings at $1.11 per share on revenue of $157.33 million.
&bull; RBB Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RBB#NASDAQ">RBB</a>) is likely to report quarterly earnings at $0.34 per share on revenue of $27.65 million.
&bull; Calix (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) is likely to report quarterly earnings at $0.20 per share on revenue of $228.14 million.
&bull; First Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRBA#NASDAQ">FRBA</a>) is estimated to report quarterly earnings at $0.42 per share on revenue of $31.41 million.
&bull; Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) is likely to report quarterly earnings at $1.62 per share on revenue of $1.90 billion.
&bull; Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) is likely to report quarterly earnings at $3.85 per share on revenue of $8.51 billion.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

AGNC

CADE

CALX

CATY

CDNS

EFSC

FRBA

HSTM

IBTX

KSPI

MEDP

MNSB

NBTB

PNFP

SFBS

SIFY

SMBK

TRST

WASH

ZION

Earnings Scheduled For April 22, 2024

Wall Street appears to be shrugging off rate worries as major stock index futures were moderately higher in early pre-market trading on Monday in the hopes of getting some respite from Big Tech earnings.&nbsp;
<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38346847/nvidia-in-correction-territory-did-ai-led-tech-stock-bubble-just-burst-this-data-po" rel="noreferrer noopener">Oversold conditions</a>&nbsp;could be attracting bargain hunters who anticipate continued upside surprises from the &#8220;<a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38351989/microsoft-analyst-says-q3-print-from-favorite-ai-superstar-may-boost-bullish-outloo" rel="noreferrer noopener">Magnificent Seven</a>&#8221; tech companies reporting earnings this week.
These reports feature some of the biggest names in technology:&nbsp;Tesla, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) kicks off the mega-cap earning this week on Tuesday followed by&nbsp;Meta Platforms, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) on Wednesday,&nbsp;Microsoft Corp.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and&nbsp;Alphabet, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (GOOG) on Thursday.
Global markets also reflect this earnings optimism. Asian markets, excluding China, closed significantly higher, and European stocks opened on a firmer note.
 Futures Performance On Monday ( as of 6:20 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.76%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.59%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.48%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.60%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Monday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.60% to $498.15,&nbsp;and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) gained 0.77% to $417.84, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Past Week&#8217;s Trading:
Rate worries that sent bond yields spiking higher in the wake of some strong economic data, geopolitical tensions, and mixed earnings weighed down on sentiment in the week ended April 19. Techs led the pullback, with traders opting to dump shares of AI stalwart Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>). The stock is technically in correction territory &#8211; a pullback of over 20% from recent highs.
The Nasdaq Composite and the S&amp;P 500 Index ended lower for a sixth straight session, with the former pulling back toward its lowest closing level since late January. This marked the longest losing streak for both indices since October 2022.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (Week Ended April 19) (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-5.52%</td>
<td>15,282.01</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-3.05%</td>
<td>4,967.23</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.01%</td>
<td>37,986.40</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-2.77%</td>
<td>1,947.66</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Even as the market trades at oversold levels, it may have to contend with a couple of key catalysts, namely tech earnings reports and key inflation data, this week, said LPL Financial Chief Global Strategist Quincy Krosby. 
 &#8220;As events in the Middle East appear to have subsided, at the margin at least, traders and investors will be able to focus on the path of inflation with the PCE (Personal Consumption Expenditures Price Index), especially with more Fed speakers acknowledging that the pace of disinflation has stalled,&#8221; he said.
He also noted that weaker-than-expected guidance from ASML, TSMC and Netflix have triggered worries whether these are part of a broader slowdown in demand.
&#8220;As the S&amp;P 500 valuation remains over 20 times forward earnings, investors are expecting not just strong results but strong guidance, and any disappointment from the mega-tech names reporting could push this week's oversold market deeper into oversold territory,&#8221; he added.
Upcoming Economic Data:
The personal income and spending report for March will likely be the key economic data the market is likely to focus on, in the unfolding week. The report, due Friday, would reveal whether the Fed&#8217;s favorite inflation gauge &#8211; the personal consumption expenditure index, is showing signs of resuming the downtrend.
The other key readings scheduled for the week include the advance first-quarter GDP report, S&amp;P Global&#8217;s flash manufacturing and services sectors&#8217; purchasing managers indices for April, durable goods orders report for April, and a couple of housing market readings.
On Monday, at 8:30 a.m. EDT, the Chicago Fed is due to release its national activity index for March.
The Treasury is set to auction three- and six-month notes at 11:30 a.m. EDT.
See Also: <a href="https://www.benzinga.com/money/best-futures-brokers">Best Futures Brokers</a>
Stocks In Focus: 
<ul>
<li>Tesla fell about 2.47% to $143.42 <a href="https://www.benzinga.com/premarket">in premarket trading </a>following the electric-vehicle price cuts the company announced across geographies last weekend. Chinese EV startup Li Auto, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LI#NASDAQ">LI</a>), which announced matching price cuts, slumped over 7%.</li>
<li>Albertsons Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>), Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>) and Zions Bancorporation, National Association (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) are among the noteworthy names <a href="https://www.benzinga.com/calendars/earnings">reporting their quarterly results ahead of the market open.</a></li>
<li>Those reporting after the close include Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>), Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) and Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>).</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures fell modestly on Monday after the recovery seen in the previous two sessions, and gold futures were down sharply under the $2,400 level.
The 10-year note yield edged up to the 4.66% mark
 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.61% and approached the $66K psychological barrier, after <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38345043/bitcoin-shrugs-off-fourth-halving-miner-rewards-halved-price-holds-strong">the halving event </a>that occurred late Friday.
Asian stocks rallied across the board following last week&#8217;s slump, although the Chinese market bucked the uptrend. The decline came amid the People&#8217;s Bank of China&#8217;s decision to leave benchmark interest rates unchanged.
European markets advanced in early trading.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38349204/can-magnificent-7-help-script-market-turnaround-earnings-pick-up-pace-with-microsof">Can Magnificent 7 Help Script Market Turnaround? Earnings Pick Up Pace With Microsoft, Meta, Alphabet And Tesla Expected This Week</a>

GOOGL

MSFT

NVDA

US Stocks Set To Open Fresh Week Higher On Big Tech Earnings Hopes: Analyst Warns Any Letdown Could Push Market 'Deeper Into Oversold Territory'

As the <a href="https://www.benzinga.com/news/large-cap/24/04/38342737/nasdaq-100-notches-worst-day-since-late-2023-worst-week-since-late-2022-as-ai-driven-chipmakers-tu">market runs into rough weather,</a> the importance of the upcoming week&#8217;s earnings cannot be emphasized enough. A lot is riding on the earnings reports of companies like Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Alphabet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (GOOG).
The Season So Far: The percentage of S&amp;P 500 companies that have reported positive earning surprises and the magnitude of earnings surprises are at or above their 10-year averages, <a href="https://insight.factset.com/sp-500-earnings-season-update-april-19-2024?utm_source=Direct&amp;utm_medium=Email&amp;utm_campaign=FO-04-19-2024&amp;utm_content=httpsinsightfactsetcomsp500earningsseasonupdateapril192024">said</a> FactSet in its report released Friday. That said, substantial downward revisions to earnings per share (EPS) estimates of two healthcare companies have led to a decline in earnings growth over the past two weeks.
The combined earnings per share growth rate of S&amp;P 500 companies, considering both the already reported actual results and the estimates for those yet to report, is at 0.5%, according to FactSet. The metric, however, fell from the 0.9% estimated previous week and the 3.4% estimated at the end of the first quarter. Earnings growth for the quarter may extend the positive growth streak to three quarters.
So far, 14% of the S&amp;P 500 companies have reported March quarter results. 
See Also: <a href="https://www.benzinga.com/money/best-tech-stocks">Best Tech Stocks To Buy Right Now</a>
Look Ahead: The upcoming week will likely feature earnings releases from 158 S&amp;P 500 companies, including 11 Dow 30 components. With the bank earnings tapering off, the spotlight shifts to tech companies, as they begin to roll out their quarterly scorecard this week.
Apart from some big techs, which are part of the group called the &#8220;Magnificent Seven,&#8221; homebuilders, defense contractors, airlines and transportation companies are also due to release their quarterly reports. 
All eyes are focused on Tesla as analysts expect a downbeat report from the company. Analysts see the scope of a further contraction in margin and potentially a double miss yet again in the first quarter.
AI stalwarts Microsoft, Alphabet and Meta are widely expected to report strong results. Following the recent tech-led sell-off, Wedbush analyst Daniel Ives said, &#8220;We believe 1Q earnings will be a major positive catalyst for the tech sector and <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38252477/why-microsoft-alphabet-amazon-palantir-and-meta-could-rise-15-in-2024-according-to-">expect tech stocks to be up another 15% for the year</a> adding to the strong start to 2024.&#8221;
The earnings schedule of key names are as follows:
Monday 
<ul>
<li>Before the bell: Albertsons Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACI#NYSE">ACI</a>), Verizon Communications Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VZ#NYSE">VZ</a>), Zions Bancorporation, National Association (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>)</li>
<li>After the close: Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>), Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) Cleveland-Cliffs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) and SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>), Quest Diagnostics Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DGX#NYSE">DGX</a>)</li>
</ul>
Tuesday 
<ul>
<li>Before the bell: D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), Fiserv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>), General Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), General Motors Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), JetBlue Airways Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBLU#NASDAQ">JBLU</a>), Kimberly-Clark Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMB#NYSE">KMB</a>), Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), PepsiCo. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NYSE">PEP</a>), PulteGroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHM#NYSE">PHM</a>), Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>), United Parcel Service, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>) and Xerox Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XRX#NYSE">XRX</a>), Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) and Lockheed Martin Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>)</li>
<li>After the close: Visa, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Texas Instruments, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>), Tesla, Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>), Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>), Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>), Chubb Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Canadian National Railway Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNI#NYSE">CNI</a>) and Baker Hughes Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>)</li>
</ul>
Wednesday 
<ul>
<li>Before the bell: Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>), Old Dominion Freight Line, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODFL#NASDAQ">ODFL</a>), Norfolk Southern Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>), Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>), Hasbro, Inc. (NASDA: HAS), General Dynamics Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GD#NYSE">GD</a>), Boston Scientific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BSX#NYSE">BSX</a>), Biogen, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) and AT&amp;T Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>)</li>
<li>After the close: Whirlpool Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>), Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>), ServiceNow, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>), QuantumScape Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QS#NYSE">QS</a>), O&#8217;Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>), Meta Platforms, Meritage Homes Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTH#NYSE">MTH</a>), Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>), Knight-Swift Transportation Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNX#NYSE">KNX</a>), International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>), Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) and Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>)</li>
</ul>
Thursday 
<ul>
<li>Before the bell: Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), AstraZeneca Plc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>), Bristol-Myers Squibb Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>), Caterpillar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>), CMS Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</a>), Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>), Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>), Harley-Davidson, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOG#NYSE">HOG</a>), Hertz Global Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>), Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>), Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>), Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>), Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>), Sanofi (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>), Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) and STMicroelectronics N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STM#NYSE">STM</a>)</li>
<li>After the close: Alphabet, Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), Microsoft, Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>), T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)</li>
</ul>
Friday 
<ul>
<li>Before the bell: AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>), Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>), Autoliv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALV#NYSE">ALV</a>), AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>), Barnes Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>), Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>), Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>), Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) and Newell Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWL#NASDAQ">NWL</a>)</li>
</ul>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), an exchange-traded fund that tracks the performance of the broader S&amp;P 500 Index, ended Friday&#8217;s session down 0.87% at $495.16, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data. </a>The ETF has pulled back from its all-time high (intraday) of $524.61 hit on March 28. The Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), an ETF levered more to high-profile, non-financial tech companies, has lost 7.72% from its all-time intraday high of $449.34 (March 21).
Read Next: <a href="https://www.benzinga.com/news/large-cap/24/04/38342737/nasdaq-100-notches-worst-day-since-late-2023-worst-week-since-late-2022-as-ai-driven-chipmakers-tu">Nvidia In Correction Territory — Did AI-Led Tech Stock Bubble Just Burst? This Data Point Offers A Clue.</a>
Photo: Shutterstock

Analyst Color

Tech

MBLY

NDAQ

ODFL

ORLY

ROKU

TDOC

TMUS

Can Magnificent 7 Help Script Market Turnaround? Earnings Pick Up Pace With Microsoft, Meta, Alphabet And Tesla Expected This Week

Packaging Corp of America's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) short percent of float has fallen 7.66% since its last report. The company recently reported that it has 1.65 million shares sold short, which is 2.17% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.18 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Packaging Corp of America Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712668520_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Packaging Corp of America has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Packaging Corp of America's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Packaging Corp of America's peer group average for short interest as a percentage of float is 3.23%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into Packaging Corp of America's Recent Short Interest

Citigroup analyst Anthony Pettinari maintains Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) with a Neutral and raises the price target from $172 to $183.

Citigroup Maintains Neutral on Packaging Corp of America, Raises Price Target to $183

Packaging Corp of America's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) short percent of float has risen 19.02% since its last report. The company recently reported that it has 1.85 million shares sold short, which is 2.44% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.05 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Packaging Corp of America Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1710265520_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Packaging Corp of America has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Packaging Corp of America's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Packaging Corp of America's peer group average for short interest as a percentage of float is 5.60%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

B of A Securities analyst George Staphos upgrades Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) from Neutral to Buy.

B of A Securities Upgrades Packaging Corp of America to Buy

Six out of the 10 largest holdings in over 700 aggregated hedge fund portfolios are increasingly concentrated towards the ‘Magnificent Seven' stocks, with Tesla <a href="https://www.benzinga.com/topic/magnificent-seven">being the sole exception</a>, according to the latest report by Goldman Sachs.
What Happened: Insights from Goldman Sachs&#8217; Hedge Fund Trend Monitor, an analysis led by Ben Snider, show an overzealous preference for just several mega-caps. This enthusiasm does not mirror their market weight. 
The Magnificent Seven accounts for a record 13% of the aggregate hedge fund long portfolios. Yet, it remains significantly underweighted compared to a 26% collective stake in the Russell 3000 — underscoring a cautious approach towards mega-cap equities.
See Also: <a href="https://www.benzinga.com/markets/equities/24/02/37237785/amazon-to-join-dow-jones-industrial-average-does-venerable-index-membership-still-matter">Amazon To Join Dow Jones Industrial Average: Does Venerable Index Membership Still Matter?</a>
The concentration within hedge fund portfolios rose further, with 70% of their long positions allocated to their top 10 holdings. According to analysts, this rising concentration is partly driven by confidence in specific industries, such as artificial intelligence and healthcare. 
The latter experienced notable enthusiasm for innovations such as GLP-1 therapies. As a result, Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) entered the top 20 holdings favored by hedge funds.
The analysis also reveals a record tilt towards the momentum factor within hedge fund long portfolios, marking the most substantial growth orientation since 2016.
&#8220;While trimming exposure to mega-cap tech, hedge funds looked for new alpha in cyclicals and other pockets of growth. Alongside strong U.S. economic data and hints of improvement in the global manufacturing cycle, funds lifted their tilt to cyclical industries versus defensives to the highest since 2016,&#8221; Goldman Sachs wrote. 
Information Technology remained the largest hedge fund net sector weight at the start of Q1 2024, representing 21% of total net exposure but nonetheless registered the largest "underweight" relative to the Russell 3000 (-587 basis points). Health Care remained the largest overweight (+693 basis points).
VIP Positions, Falling And Rising Stars: APi Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APG#NYSE">APG</a>), General Electric Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), and Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) joined the so-called Goldman Sachs&#8217; &#8216;VIP list&#8217; of the most popular hedge fund positions for the quarter. 
Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), and NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) ranked among the Information Technology stocks with the largest net decreases in hedge fund popularity, also known as &#8216;Falling Stars&#8217;. 
In contrast, hedge funds added exposure to Communication Services across most subsectors, led by The Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>), Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>), and Roblox Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RBLX#NYSE">RBLX</a>). 
Hedge funds also increased length in cyclical industries, including Financials; Progressive Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), Arch Capital Group Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACGL#NASDAQ">ACGL</a>), Kemper Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMPR#NYSE">KMPR</a>), Oyster Point Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OYST#NASDAQ">OYST</a>), and Morningstar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MORN#NASDAQ">MORN</a>) screened among this quarter's Rising Stars.
Other cyclical &#8216;Rising Stars&#8217; were Arrow Electronics Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARW#NYSE">ARW</a>), The Mosaic Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOS#NYSE">MOS</a>), Packaging Corporation of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>), Sealed Air Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEE#NYSE">SEE</a>), Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), and Veralto Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLTO#NYSE">VLTO</a>). 
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37181987/magnificent-7-stocks-trigger-concerns-of-market-overheat-bubble-trouble">Magnificent 7 Stocks Trigger Concerns Of Market Overheat: Bubble Trouble?</a>
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Health Care Becomes Most Overweighted Sector As Hedge Funds Crowd Into Magnificent 7

Packaging Corp of America's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) short percent of float has risen 5.26% since its last report. The company recently reported that it has 1.52 million shares sold short, which is 2.0% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.18 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Packaging Corp of America Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1707144324_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Packaging Corp of America has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Packaging Corp of America's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Packaging Corp of America's peer group average for short interest as a percentage of float is 2.88%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Looking Into Packaging Corp of America's Recent Short Interest

Seaport Global analyst Mark Weintraub downgrades Packaging Corp of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PKG#NYSE">PKG</a>) from Buy to Neutral.

Downgrades

Seaport Global Downgrades Packaging Corp of America to Neutral

Packaging Corp of America beats Q1 expectations, guides Q2 below street view

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Packaging Corp of America (NYSE:<a href="https://investorplace.com/stock-quotes/pkg-stock-quote/">PKG</a>) just reported results for the first quarter of 2024.<ul><li>Packaging Corp of America reported earnings per share of $1.72. This was above the analyst estimate for EPS of $1.68.</li><li>The company reported revenue of $1.98 billion.</li><li>This was 3.66% better than the analyst estimate for revenue of $1.91 billion.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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	The post <a href="https://investorplace.com/earning-results/2024/04/pkg-stock-earnings-packaging-corp-of-america-for-q1-of-2024/">PKG Stock Earnings: Packaging Corp of America Beats EPS, Beats Revenue for Q1 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

PKG Stock Earnings: Packaging Corp of America Beats EPS, Beats Revenue for Q1 2024

Analyst George Staphos from Bank of America Securities maintained a Buy rating on Packaging (PKG – Research Report) and decreased the price target ...

Buy Rating Affirmed for Packaging Corp. on Strong Performance and Favorable Valuation

Packaging Corporation of America (PKG) Q1 2024 Earnings Call Transcript

In a report released yesterday, Gabrial Hajde from Wells Fargo upgraded Packaging (PKG – Research Report) to a Buy, with a price target of $191.00....

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Press Releases

Packaging Corporation of America Reports Third Quarter 2023 Results

Packaging Corporation of America Declares Quarterly Dividend

Packaging Corporation of America Schedules Conference Call to Discuss Fourth Quarter and Full Year 2023 Operating Results

Packaging Corporation of America Reports Fourth Quarter and Full Year 2023 Results

Packaging Corporation of America's Chief Executive Officer to Speak at Bank of America's 2024 Conference

Packaging Corporation of America Schedules Conference Call to Discuss First Quarter 2024 Operating Results

SHAREHOLDER ALERT: Purcell & Lefkowitz LLP Announces Shareholder Investigation of Packaging Corporation of America (NYSE: PKG)

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Packaging Corp of America Stock (NYSE:PKG), Short Interest Report

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