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Nasdaq 100 Outlook: Tesla Beats Earnings Expectations, Shares Pop

Nasdaq 100 Outlook: Tesla Beats Earnings Expectations, Shares Pop

Peter Hanks, Strategist

Nasdaq 100 Price Forecast:

Nasdaq 100 Outlook: Tesla Beats Earnings Expectations, Shares Pop

Fan-favorite electric carmaker Tesla (TSLA) released its quarterly report after the close Wednesday, treating investors with an earnings beat and a quick rally in share prices. The reported outline a continuation of profitability for Tesla, despite a decline in the average price of vehicles sold. Still, the more affordable models should begin to pressure competitors in the increasingly competitive space.

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Suffice it to say, Tesla shareholders might have reason to remain optimistic in the months ahead as the company continues to expand its production plants across the globe. An increase in production capability should allow Tesla to reduce its cost per vehicle, simultaneously decreasing sale prices – pressuring competitors further. Either way, a rise in Tesla’s share price should help the Nasdaq 100 in the second half of the week as it is responsible for more than 3% of the index.

Elsewhere, earnings from companies that would be considered more closely aligned with a traditional economy also outperformed expectations. Rail company CSX (CSX), appliance-maker Whirlpool (WHR) and Chipotle (CMG) all beat Wallstreet estimates, seeing CSX and WHR shares rise in after-hours trading. Critically, the upbeat earnings from all three corporations might hint at a subtle recovery in the underlying economy that may be required for continued strength in the broader US indices.

Nasdaq 100 Price Chart: 4 - Hour Time Frame (September 2020 – October 2020)

nasdaq 100 price chart

In terms of price action, the Nasdaq 100 appears to be contained by resistance around the 11,800 mark and support near 11,600. Together, the two horizontal barriers may see the tech-heavy index trade sideways until big-ticket earnings from Apple, Amazon and Facebook are released next week. Nevertheless, a break through either level might see a continuation unfold. In the meantime, follow @PeterHanksFXon Twitter and check back at DailyFX for earnings coverage from a macroeconomic perspective.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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