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Nasdaq 100 Stays Underneath Strain as Netflix Craters; Tesla Earnings Eyed

nasdaq-100-stays-underneath-strain-as-netflix-craters;-tesla-earnings-eyed

Nasdaq 100 Index, Tesla Earnings, Netflix Earnings, Twitter – Speaking Factors

  • Nasdaq 100 down virtually 1% as Netflix craters over 30%
  • Tesla earnings eyed after the closing bell, Elon Musk to affix name

The Nasdaq 100 Index stays on the backfoot on Wednesday, following Netflix’s dismal quarterly outcomes yesterday. Netflix reported a subscriber lack of 200,000 for the primary quarter, the primary subscriber decline in over a decade. For the reason that outcomes crossed the wires, Netflix is down roughly 36%, making it the worst performing inventory within the S&P 500 in 2022. With almost $50 billion in market cap shaved off, Netflix now trades again at pre-pandemic ranges. The outcomes dragged different streaming giants decrease, with Disney, Discovery, and Roku all shedding greater than 4%.

Netflix Each day Chart

Nasdaq 100 Remains Under Pressure as Netflix Craters; Tesla Earnings Eyed

Chart created with TradingView

Wednesday sees Tesla report after the closing bell, an occasion that can steal the present given CEO Elon Musk’s latest endeavor to buy Twitter. Previous to the report, Tesla retreated over 4% and again under $1,000 per share.

Regardless of world provide chain points, Tesla is coming off a powerful fiscal yr. Merchants will look to the outcomes and steering to see if the EV firm can preserve its momentum into 2022. Wall Avenue is anticipating adjusted EPS of $2.31 for the quarter, in comparison with $0.93 in Q1 2021. Tesla has already introduced that’s produced 305,407 automobiles in Q1, which far exceeded final yr’s whole. With Elon Musk set to affix the earnings name, market members could also be searching for readability surrounding his latest bid to take Twitter personal. It stays to be seen whether or not Musk would wish to liquidate a few of his Tesla holdings to facilitate such a buyout, or whether or not he may borrow towards his Tesla shares.

Tesla Each day Chart

Nasdaq 100 Remains Under Pressure as Netflix Craters; Tesla Earnings Eyed

Chart created with TradingView

Nasdaq 100 futures (NQ) stays underneath stress with many index constituents promoting off throughout Wednesday’s session. After testing the 14300 degree within the premarket session, NQ reversed sharply. 14000 could act as close to time period assist, as merchants place forward of Tesla earnings. 14300 was examined and failed on three separate events, which ushered in Wednesday’s swift transfer decrease. Breadth stays weak for the index, after the Nasdaq 100 posted its finest session since March 16. As we enter a key interval of earnings, we are going to be taught extra as as to if this has simply been a lifeless cat bounce or probably one thing higher. For affirmation of development reversal, value could must make a sustained break above the 14600 space. Till then, bears seem to stay in management.

Nasdaq 100 Index Futures 1 Hour Chart

Nasdaq 100 Remains Under Pressure as Netflix Craters; Tesla Earnings Eyed

Chart created with TradingView

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— Written by Brendan Fagan, Intern

To contact Brendan, use the feedback part under or @BrendanFaganFX on Twitter

DailyFX gives foreign exchange information and technical evaluation on the tendencies that affect the worldwide foreign money markets.

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