Wall Street Today: US Stocks Flat as Investors Await Tesla Earnings; Netflix Slumps 8%
US stock markets opened flat on Wednesday as investors awaited Tesla’s Q3 earnings. The Dow and S&P 500 remained steady, while Netflix shares dropped 8% after missing profit expectations.
Wall Street Today: US Stocks Flat as Tesla Earnings Awaited, Netflix Shares Plunge 8%
The US stock markets witnessed a mostly unchanged opening on Wednesday as the investors got cautious about Tesla's third-quarter earnings report and Netflix shares went down by 8% because of the company's failure to meet profit expectations.
At 9:30 a.m. (ET), the Dow Jones Industrial Average saw an increase of 6.14 points or 0.01% to 46,930.88, the S&P 500 recorded an increase of 2.53 points or 0.04% to 6,737.88, whereas the Nasdaq Composite experienced a decrease of 19.34 points or 0.08% to 22,934.33.
🚘 Tesla Earnings in Focus
Markets are bracing for Tesla’s quarterly results later today. Analysts expect the Elon Musk-led EV manufacturer to report solid earnings, supported by strong third-quarter sales.
The company benefited from a surge in electric vehicle demand, as US consumers rushed to purchase cars before a reduced EV tax allowance — implemented under President Donald Trump’s administration — took effect.
Investors will be closely watching Tesla’s profit margins, production guidance, and updates on the company’s Cybertruck rollout and AI-driven vehicle features.
📉 Netflix Shares Tumble
On the other hand, Netflix Inc. experienced a significant 8.2% drop in its stock price during the first hour of trading after the announcement of less-than-expected quarter profits. The reason for the streaming giant's not so rosy picture was mainly attributing to the slower subscriber growth in North America, as well as the increased content spending ahead of the holiday season, which the company considered as the main factors negatively affecting its profit ability.
The other stocks related to streaming, such as Disney and Warner Bros Discovery, were also affected a little and hence moved downward by a slight amount after Netflix disclosed its results.
🌍 Broader Market Mood
The subdued commencement of Wall Street is due to the fact that investors are considering corporate earnings in contrast to the increasing Treasury yields and the constant worries about the US economy's health.
Moreover, the traders are watching closely the release of information regarding the jobless claims and manufacturing output as they can possibly sway the Federal Reserve's rate projections.
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