During Thursday’s session, stocks were mixed as the Nasdaq experienced a significant drop due to updates from Tesla (TSLA) and Netflix (NFLX), which overshadowed the earnings season and the release of new results.
The tech-heavy Nasdaq Composite (^IXIC) ended the day down over 2%, while the S&P 500 (^GSPC) saw a more modest decline of 0.4%.
However, the Dow Jones Industrial Average (^DJI) was an exception, rising by 0.7% thanks to strong performances from banks and a 6% surge from Johnson & Johnson (JNJ), which reported impressive earnings on Thursday. This marked the ninth consecutive day of gains for the index.
After-hours earnings reports on Wednesday from Netflix and Tesla, the first among the tech giants to report during this recent stock rally, failed to excite investors. Netflix shares dropped after missing revenue expectations, while Tesla’s stock declined due to CEO Elon Musk’s indication of further price cuts.
These developments seemed to dampen hopes that the tech sector could provide a boost to the second quarter earnings season, which initially started on a positive note with upbeat…
2023-07-20 15:02:46
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