Disappointing Earnings News Likely To Weigh On Wall Street
24 Julho 2024 - 10:05AM
IH Market News
The major U.S. index futures are currently pointing to initial
weakness on Wall Street on Wednesday, with stocks likely to come
under pressure after ending yesterday’s lackluster session modestly
lower.
Early selling pressure is likely to be seen on Wall Street amid
a negative reaction to the latest corporate earnings news.
Shares of Tesla (NASDAQ:TSLA) are plunging by 8.9 percent in
pre-market trading after the electric vehicle maker reported weaker
than expected second quarter earnings.
Google parent Alphabet (NASDAQ:GOOGL) is also seeing notable
pre-market weakness after reporting second quarter earnings that
beat analyst estimates but missing expectations for YouTube
advertising revenue.
On the other hand, shares of Texas Instruments (NASDAQ:TXN) may
see initial strength after the chipmaker reported second quarter
earnings that exceeded analyst estimates.
Stocks showed a lack of direction over the course of the trading
session on Tuesday, with the major averages bouncing back and forth
across the unchanged line following the strong upward move seen in
the previous session.
The major averages eventually ended the day modestly lower. The
Dow slipped 57.35 points or 0.1 percent to 40,358.09, the Nasdaq
edged down 10.22 points or 0.1 percent to 17,997.35 and the S&P
500 dipped 8.67 points or 0.2 percent to 5,555.74.
The choppy trading on Wall Street came as traders expressed some
uncertainty about the outlook for the markets following recent
volatility.
Stocks moved sharply higher over the course of the trading
session on Monday, with technology stocks seeing a significant
rebound following last week’s sell-off.
Traders may also have been reluctant to make significant moves
ahead of the release of key earnings and economic news in the
coming days.
Later in the week, focus is likely to shift to a report on
personal income and spending in June, which includes readings on
inflation said to be preferred by the Federal Reserve.
The data could have a significant impact on the outlook for
interest rates, with the Fed currently widely expected to lower
interest rates by a quarter point in September.
Most of the major sectors ended the day showing only modest
moves on the day, contributing to the lackluster close by the
broader markets.
Oil producer stocks showed a significant move to the downside,
however, with the NYSE Arca Oil Index falling by 1.9 percent. The
weakness among oil producer stocks came amid a steep drop by the
price of crude oil.
Considerable weakness was also visible among transportation
stocks, as reflected by the 1.5 percent loss posted by the Dow
Jones Transportation Average.
Semiconductor and natural gas stocks also moved to the downside,
while networking stocks showed a strong move to the upside.
Texas Instruments (NASDAQ:TXN)
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