Dow Jones Futures: Market Rally, Bitcoin Near Highs, Netflix Leads Earnings Movers; Tesla On Tap – Investor’s Business Daily
Dow Jones futures were little changed Wednesday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally continued to move toward record highs Tuesday despite Treasury yields rising sharply. Apple (AAPL) helped lead the broad advance, while Bitcoin neared record highs as a Bitcoin futures ETF debuted.
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Netflix (NFLX) reported earnings late Tuesday. Dutch chip-equipment giant ASML (ASML) reported early Wednesday, with peer Lam Research (LRCX) after today’s close.
NFLX stock declined early Wednesday despite Netflix subscriber growth and guidance beating forecasts.
ASML stock fell modestly in premarket trade as earnings topped but revenue growth fell short. On Tuesday, shares rose to just below the 50-day line as ASML works on a new consolidation.
Intuitive Surgical (ISRG) was expected to report views late Tuesday, but released results during the session.
ISRG stock dipped after the robotic-surgical systems maker narrowly topped views.
In other earnings news, United Airlines (UAL) rose on better-than-expected Q3 earnings. Brinker International, parent of Chili’s and other sit-down restaurant chains, reported weaker-than-expected preliminary Q1 2022 earnings and sales, with commodity and labor costs hurting results. EAT stock plunged, with other restaurant stocks also in focus.
Also, Novavax (NVAX) tumbled after Politico cited manufacturing problems delaying coronavirus vaccine production.
Tesla Earnings Loom
Meanwhile, Tesla (TSLA) is on tap late Wednesday after it reported record third-quarter deliveries earlier this month. TSLA stock fell 0.7% to 864.27 on Tuesday, snapping a six-session win streak. The EV giant is nearing record highs, extended from earlier buy points as it works on its ninth straight weekly gain. While a pause would be healthy for Tesla stock, it’s closing fast on a 900.50 buy point from a long, deep cup base, according to MarketSmith analysis.
As Tesla has marched higher, China EV rivals also are improving. EV giant BYD (BYDDF) is in a buy zone at record highs. Startups Xpeng (XPEV) and Li Auto (LI) have flashed early entries.
Tesla stock is …….