Dow Jones News: Cisco Earnings This Afternoon; Home Depot Stock Boosted by DIY Demand
The Dow Jones Industrial Average (DJINDICES: ^DJI) headed lower Wednesday morning, down around 1% at 11 a.m. EDT. Federal Reserve Chair Jerome Powell warned that the recession caused by the novel coronavirus pandemic could lead to lasting damage to the productive capacity of the economy. Powell also indicated that the economic response so far "may not be the final chapter," given the unprecedented uncertainty.
Tech giant Cisco Systems (NASDAQ: CSCO) will report its quarterly results later today, giving investors an idea of how the enterprise-focused company has navigated the crisis. Home improvement retailer Home Depot (NYSE: HD) will report next week, but an analyst gave the stock a boost by praising strong demand in the do-it-yourself channel.
Networking hardware giant Cisco is set to report its fiscal third-quarter results after the market closes today. Like many enterprise-facing technology companies, Cisco has likely seen some customers push back orders amid the pandemic. However, strength in the collaboration business, particularly video conferencing, as well as potentially strong demand from data center and service provider customers as they increase capacity, could help offset weak demand elsewhere.
Source Fool.com