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Market Update – July 20 – TSLA, NFLX beat on earnings, shares tumble in after hours

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So yesterday we had a few earning results from some big companies. Going in chronological order, before the open Goldman Sachs disappointed: profit fell 58% to $1.22 billion, missing estimates, revenue fell 8% to $10.9 billion. Despite that, its shares rose almost 1% as the bank was very active in creating low expectations and its woes in consumer banking were well publicized. On the other front, Tesla after the closing bell booked a record revenue of $24.93, Net income increased 20% and also profits exceeded WS’s expectations; however, shares sank4.5% in after-hours as the management has announced some slowdown in production during the next quarter. Something similar happened with Netflix: revenue rose 3% to $8.19 billion, net income increased 3.47%, subscribers jumped 5.9 million last quarter but stock plunged -8.6% in after-hours trading. Looking beyond individual stocks, the US indices continue to climb and the US30 posted its longest positive streak since September 2019 (and regained 35,000 points). Overnight, unemployment in Australia surprised with a decrease to 3.5%, making the AUD today’s winner among majors. China kept its main rate unchanged to 3.55% and – while flat at this time- it has been a quite volatile session for the local market. Bad import / export data, sank JPN225.

  • FX – The USDIndex is just shy of 100 (99.92) after another day of modest gains; GBP was hit hard yesterday, tried to recover by the end of the session but is down again today with the Cable at 1.2930 and EURGBP up 0.22% to 0.8671 (was trading at 0.85 approximately just 6 sessions ago); AUDUSD +0.85% at 0.6828, JPY regained 139 yesterday (139.39 now).
  • Stocks – The US100 (-0.56%) is weighed down by the after-hours performance of Tesla and Netflix, while the US30 is positive after posting its longest winning streak since September 2019. This morning TSMC reported its first profit drop in 4 years and revenue slipped 10%.
  • Commodities – USOil is still trading above $75 ($75.25 last), UKOil -0.15% at $79.40, Copper is catching some bid this morning (+0.46%).
  • Gold – extended to $1978.59 and Silver is still sitting above $25 (+8.77% in the last 7 sessions)

Today – EARNINGS from J&J, American Airlines, Blackstone before the opening bell, US Jobless claims.

Biggest Mover @ (06:30 GMT) JPN225 (1.44%%) down to 32400 after poor trade balance data, RSI just below 50 at 48.45, MACD almost negative and downward inclined, the 50-day MA is just below the current price at 32175.

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Marco Turatti

Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.

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