Key Points
July 20 (Reuters) - The first of the supercharged Big Tech firms to report in this earnings season - Tesla and Netflix - seemed to underwhelm markets overnight, cutting across the enthusiastic reception for big banks and knocking back bulled-up Wall St from 2023 highs...
But an impressive run for the S&P500 (.SPX) and Dow Jones (.DJI) benchmarks - where the latter clocked eight straight days of gains on Wednesday - looked set for a breather as futures stepped back 0.2% ahead of Thursday's open.. Although electric car giant Tesla (TSLA.O) comfortably beat second quarter profit forecasts, markets seized on plans for continued price discounting and squeezed margins as a reason to drag its shares down almost 4% in overnight trading...
Similarly, Netflix's bottom line also beat the Street and it added almost 6 million new subscribers as restrictions on account sharing kicked in - but its stock recoiled 9% ahead of the bell after quarterly revenue disappointed...
Overseas, Taiwan's chipmaker giant TSMC (2330.TW) forecast a 10% drop in 2023 sales after reporting a 23% fall in second-quarter earnings as global demand stuttered...
The stock price pullbacks seemed more of a recalibration of an overcooked sector, however, with bank shares by contrast (.SPXBK) advancing 1.70% on Thursday and gaining for a third straight session..
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