US Market

Tesla and Netflix release their highly anticipated Q3 results today after Wall Street closes, kicking things off for Big Tech, with more giants like Microsoft and Amazon following next week

Tesla is the world’s most valuable auto stock. It will release its Q3 earnings today, and a key focus will be on gross margins. The company has cut its prices multiple times recently to drive sales, combat a slowing economy and fight the increase in competition. Wall Street is looking for an EPS of 72c and turnover of $23.9bn, however not at the expense of much poorer margins.

The index falls as markets digest the latest economic releases and plans for more AI chips export restrictions, ahead of incoming Tesla & Netflix quarterly results, as well as scheduled speech by Fed Chair Powell

Watch today’s US Open for insights on the strong US retail sales report, the incoming quarterly results from EV king Tesla & streaming leader Netflix and more

The US 10-year real yield is moving higher. Its green 5-day EMA is pulling away from its orange 10-day EMA (black circle) and the RSI is moving higher and away from 50 (green rectangle). As yields appreciate, they tend to act as a headwind to the risk side of the market.

Apple shares have begun the week on the backfoot as reports indicate that the iPhone15 may be seeing some weakness in China. According to analysts at Jefferies, iPhone sales have experienced a significant decline in the double-digit range when compared to the iPhone 14 Pro. This drop can be attributed, at least in part, to the launch of Huawei's latest offering, the Mate 60 Pro, which hit the market in…

FXCM’s US.AUTO basket is under pressure as the UAW strike continues. The basket has dropped into its bearish channel between the lower blue and red bands and the RSI has dipped below 50 (green rectangle). The longer the RSI remains below 50, the more pressure the basket will be under.

As Q3 earnings season kicks off the SPX500 is looking subdued. It has charted a lower peak followed by a lower trough. This puts the weekly chart into downtrend. The black 30-week EMA is showing signs of support, but the candlesticks will need to break above the green down sloping trendline to show conviction.

The streaming pioneer is having a great year, as the strategic changes helped it reassert its dominance, but its stock dropped in Q3 and breaches key tech levels ahead of the latest earnings report

Banks kicked off earnings season last week. JPMorgan Chase (JPM.us), Citigroup (C.us) and Wells Fargo (WFC.us) beat earnings estimates. They posted better than anticipated net interest income, with lending outpacing payments to depositors. Also contributing to earnings was better business from capital markets.

UK regulators have approved Microsoft’s $69bn acquisition of Activision Blizzard, which removes the last hurdle for the deal. However, the Competition and Markets Authority said the deal won’t include cloud gaming rights and said in a statement today that, “The new deal will stop Microsoft from locking up competition in cloud gaming as this market takes off, preserving competitive prices and services for UK cloud gaming customers.”