Nasdaq Futures Dinged Triple-Digits After Netflix Earnings

The tech sector looks ready for a breather today after some lackluster earnings

Deputy Editor
Jul 20, 2023 at 9:09 AM
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Futures on the tech-heavy Nasdaq Composite (IXIC) are down triple-digits ahead of the open, as Netflix (NFLX) and Tesla (TSLA) indicate sharp moves lower after their respective earnings reports, the former weighed down by a revenue miss. S&P 500 Index (SPX) futures are more modestly lower, while Dow Jones Industrial Average (DJI) futures inch higher, looking to build on the blue-chip index's longest win streak in almost four years. 

Elsewhere, the Philadelphia Fed manufacturing index stayed in negative territory for the 11th-straight month, while weekly jobless claims came in at 228,000 -- the lowest level in over two months. 

Continue reading for more on today's market, including: 

  • How call traders doubled their money with Trade Desk stock
  • Behind Carvana stock's skyrocket on the charts. 
  • Plus, TSLA takes post-earnings dip, United's beat-and-raise; and "undervalued" BUD.

Futures July 20

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.1 million call contracts and over 1 million put contacts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.48 and the 21-day moving average remained at 0.65.
  2. Tesla Inc (NASDAQ:TSLA) is down 4.1% premarket, despite the electric vehicle (EV) giant's better-than-expected second-quarter results, including record revenue, after operating margins fell due to price cuts. Yesterday hitting its highest level since September, TSLA is up 136.5% heading into today. 
  3. United Airlines Holdings Inc (NASDAQ:UAL) is up 2.5% before the bell, after the company's second-quarter earnings beat and forecast hike. Since the start of 2023, the airline stock is up 45.4%. 
  4. Anheuser-Busch Inbev SA (NYSE:BUD) just received an upgrade from Morgan Stanley to "overweight" from "equal weight," with a price-target hike to $68.50 from $64. The firm called the stock undervalued after the recent Bud Light controversy. Year-to-date, BUD is up 2.8%. 
  5. Today will bring the Philadelphia Federal Reserve manufacturing survey and existing home sales data.

buzzjul20

China Maintains Rates, Shanghai Composite Falls

Asian markets were lower across the board on Thursday. The Shanghai Composite shed 0.9%, after China maintained its one and five-year loan prime rates. Despite Japan’s first trade surplus in almost two years, the Nikkei fell 1.2%, while South Korea’s Kopi dropped 0.3% and Hong Kong’s Hang Seng shed 0.1%.

European markets are higher, brushing off concerning stateside tech earnings. Investors are also unpacking quarterly reports from the euro zone, with Volvo, EasyJet, and Nokia taking their turn in the confessional. At last check, London’s FTSE 100 sports a 0.8% lead, France’s CAC 40 is 0.4% higher, and the German DAX is up 0.3%.

 

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