May 31, 2023

Great Indian Mutiny

Complete IndianNews World

Nasdaq rises on positive earnings signals as inflation concerns loom

Nasdaq rises on positive earnings signals as inflation concerns loom

  • Netflix gains on customer growth expectations
  • Baker Hughes falls into a larger quarterly loss
  • Tesla announces earnings after market close
  • The Dow Jones is down 0.12%, the S&P 500 is up 0.39% and the Nasdaq is up 1.24%.

July 20 (Reuters) – The tech specialist Nasdaq rose more than 1% on Wednesday as investors digested the latest earnings as positive signals for the economy, albeit rising concerns about inflation and Fed tightening.

The S&P 500 rose 0.39% while the Dow Jones Industrial Average fell 0.12%.

Netflix (NFLX.O) Shares jumped 6% after the company expected it would return to customer growth during the third quarter, while posting a less-than-expected drop of 1 million subscribers in the second quarter. Read more

Register now to get free unlimited access to

Other high-growth stocks extended gains following expectations from the streaming service provider. Shares of Apple Inc (AAPL.O) Inc (AMZN.O)Microsoft Corporation (MSFT.O) and Meta Platforms Inc (META.O) added between 1% and 3.6%.

S&P 500 Technology Sector Index (.SPLRCT) It rose 1.3%.

“Inflation continues to be a very strong consideration in the minds of investors…what we are seeing today are some positive earnings announcements allowing investors to comment on some positive news that should herald better for the remainder of the third quarter and 2022,” said Greg Bassock. , CEO of AXS Investments in Port Chester, New York.

“For Tesla, Netflix, and some of these leading companies…investors are looking for messages about what prospects these companies have in the 2022 balance.”

Electric car maker Tesla Inc (TSLA.O) It rose 0.6% before its after-market earnings report.

See also  Bud Light collaboration with Dylan Mulvaney called LGBT honcho 'tremendous'

Analysts expect overall S&P 500 earnings to grow 5.9% year-over-year this reporting season, down from estimates of 6.8% at the start of the quarter, according to Refinitiv data.

Hyperinflation initially prompted markets to raise interest rates by 100 basis points at the next meeting of the Federal Reserve next week, until some policymakers signaled a 75 basis point increase.

At 1:45 p.m. ET, the Dow Jones Industrial Average (.DJI) The Standard & Poor’s 500 Index fell 37.45 points, or 0.12%, to 31,789.6 points (.SPX) The Nasdaq Composite Index rose 15.19 points, or 0.39%, to 3,951.88 (nineteenth) It added 145.44 points, or 1.24%, to 11,858.59 points.

Trading remained choppy in thin volumes, with the CBOE Volatility Index (.VIX) Another drop of 24.05 points to its lowest level in more than a month.

“Low volumes highlight market movements historically, and although we surveyed 10 or 15 trillion dollars of global equities this year, there is still a lot of excess liquidity. So lower volumes of excess liquidity can highlight movements,” John Lynch, chief investment officer said. Officer at Comerica Wealth Management.

Health insurer Elibility Health Inc slipped 9% as the biggest loss in the S&P ratio, as the company’s medical costs failed to fall in line with rival UnitedHealth Group Inc.

Shares of Baker Hughes Co fell 7.8% as the oilfield services provider reported a larger second-quarter loss, while its adjusted earnings missed estimates. Read more

Advance issues outnumbered declining issues on the New York Stock Exchange by 1.55 to 1; On Nasdaq, the ratio was 2.09 to 1 in favor of advanced traders.

See also  SVB Fallout: Is My Money Safe?

The S&P 500 hit a new 52-week high and 29 new low; The Nasdaq Composite recorded 24 new highs and 24 new lows.

Register now to get free unlimited access to

Additional reporting by Eko Wang in New York and Shreyachi Sanyal in Bengaluru; Additional reporting by Anirudha Ghosh in Bengaluru. Editing by Sriraj Kalovila, Shunak Dasgupta and Lisa Shumaker

Our criteria: Thomson Reuters Trust Principles.