#bonds #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed
#YahooFinance #investing #stockmarket #bitcoin #crypto
Get the latest up-to-the-minute continuous stock market live stream coverage and big interviews in the world of finance every Monday–Friday from 9 am to 5pm (ET).
Stocks were lower, but little-changed, at the opening bell on Wednesday as investors looked to build on gains from Tuesday, which saw the major U.S. indexes rise more than 2% across the board.
Shortly after the opening bell, the S&P 500 and Dow were off about 0.1%. The Nasdaq was down less than 0.1%.
About an hour before the market open, S&P 500, Dow, and Nasdaq futures were all off about 0.3%.
Headlines out of Europe suggesting the EU is proposing members cut natural gas consumption by 15% over the next 8 months, which would cover most of the winter months, put markets under some pressure early Wednesday.
Investors continue to remain focused on corporate earnings season, with results from Netflix (NFLX) after the close on Tuesday serving as first results this quarter from a major tech company.
Netflix reported a loss of 970,000 subscribers in the second quarter, fewer than the 2 million the company had expected to lose. This did, however, mark the second-straight quarter of declines at the streaming giant.
Shares of Netflix were up 1% shortly after the market open on Wednesday. Netflix shares gained as much as 10% on Tuesday evening, which investors had seen as a potential positive sign that “better than feared” results this earnings season will be rewarded by investors.
And even with investor fears around recession remaining elevated, expectations ahead of this quarterly earnings season have not been entirely re-written, as Nick Colas, co-founder at DataTrek Research, highlighted in a report out Tuesday.
The earnings calendar remains busy on Wednesday, with Biogen (BIIB) raising its full-year profit outlook in results reported before the opening bell. Shares were little-changed early Wednesday.
Abbott Labs (ABT) shares, meanwhile, were down 2% at the opening bell after the company reported a more than 7% drop in sales at its nutrition unit, which was hit by recalls of baby formula during the quarter. Abbott did, however, raise its full-year profit forecast.
Results from Tesla (TSLA) and United Airlines (UAL) will feature after today’s closing bell.
Tuesday’s rally in markets also came on the same day Bank of America Global Research published its latest fund managers survey, the firm’s closely-watched gauge of investor sentiment.
The headline on this latest report said it all about the current state of markets — “I’m so bearish, I’m bullish.”
BofA’s report showed what strategist Michael Hartnett called a “dire level of investor pessimism,” with expectations for profits and growth at all-time lows, investor equity allocations at the lowest levels since Lehman’s collapse in 2008, and cash levels at the highest balances since 9/11.
For more on this article, please visit:
