News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here: https://t.co/BPHuKecwnz https://t.co/73OmuCKfU9
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/KzhQnGiLyt
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/cuneuJNZlH
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/danCiP5vqK
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/JhYoQ7I19K
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here: https://t.co/BEYupi32qB https://t.co/PWeXE8tZVY
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/t34kotPE8R
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/BdgFmkRxVw https://t.co/lM1OIJdjhr
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/6qGEVjDlN6
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here: https://t.co/T7iAD0fbbU https://t.co/xVSG7nKIQG
S&P 500 Rebounds as Netflix Kicks Off FAANG Earnings

S&P 500 Rebounds as Netflix Kicks Off FAANG Earnings

Brendan Fagan,

S&P 500, Nasdaq 100, Netflix, Dow Jones Earnings - Talking Points

  • S&P 500, Nasdaq 100, and Dow Jones all rebound sharply following Monday’s sell-off
  • Netflix reports mixed results, earnings and subscriber growth both fall short of expectations
  • US 10 Year Treasury Yield bounces, pushing cyclical stocks to outperform on Tuesday

Major US benchmarks advanced during Tuesday’s session as market participants “bought the dip” from Friday and Monday. Tuesday’s rebound was fueled by a slight bounce in Treasury yields, as the 10-year yield rose to 1.20%. The move higher in yields eased worries about a slowing global recovery, as a resurgence of COVID has raised fears over potential lockdowns and restrictions. Monday’s session was the worst day for the Dow Jones index in over 8 months.

Kicking off FAANG earnings, Netflix posted mixed results after the bell on Tuesday. The streaming giant reported better than expected revenues, but earnings and subscriber growth both fell short of forecasts. 2Q EPS came in at $2.97 per share against estimates of $3.14. Revenues totaled $7.34 billion, beating the consensus estimate of $7.32 billion. In immediate trade Netflix retreated, falling below $500 per share and testing an ascending trendline from the March 2020 low. Following the trendline test shares rebounded slightly, trading back up to $525 and just below the 0.5 Fibonacci retracement level at $526.

Netflix Daily Chart

S&P 500 Rebounds as Netflix Kicks Off FAANG Earnings

Chart provided by TradingView

Market participants may remain fixated on the bond market as questions remain regarding the severity and conviction of the recent pullback. Despite the sharp decline on Monday, the S&P 500 sits just 2% off all-time highs which may explain why overall sentiment remains relatively strong. However as the 10-year Treasury yield sits at a near 5 month low, questions linger surrounding the genesis of the recent movement in the bond market. It may just be that bond market participants are pricing in slower growth and more aggressive Fed tightening in the short-end, which would explain the recent flattening of the yield curve. Nonetheless a continued bond bid may spook investors once again, causing the S&P 500 to retest its 50-day moving average as it did during Monday’s session.

US 10Y Yield Daily Chart

S&P 500 Rebounds as Netflix Kicks Off FAANG Earnings

Chart provided by TradingView

--- Written by Brendan Fagan, Intern for DailyFX

To contact Brendan, use the comments section below or @BrendanFaganFX on Twitter

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

DISCLOSURES