Beat the street: US stocks set to get a boost from Netflix and chips shares; Tesla’s ‘Redwood’
US stocks indicated higher after Netflix impressed with its subscriber numbers. US-listed semiconductor stocks could be active after ASML's results.
PMIs in focus ahead of US GDP print. Tesla shares could move after a report said the company had informed suppliers that it wants to start production of a new mass-market EV code-named "Redwood".
(AI Video Summary)
S&P 500 reaches new all-time high
In this video, Angeline Ong, the host of "Beat the street," gives an overview of the US stock market, specifically focusing on the S&P 500. She mentions that the S&P 500 has recently reached a new all-time high and has been performing well throughout the year. Ong explains that PMI data and GDP numbers are important factors to consider when evaluating the overall health of the economy.
Chris Vecchio, a guest on the show, shares his analysis of the S&P 500. He describes the market as being in a "Goldilocks state," meaning it is in a favorable and stable condition. Vecchio expresses his confidence in the market and is not worried about the actions of the Federal Reserve. He notes that the chances of a Fed rate cut in March have decreased, which the market seems to appreciate. Vecchio believes that the S&P 500 still has room to grow and predicts a positive future for it.
Vecchio also discusses the significance of a company's earnings report in influencing the market. He gives examples of companies like TSM, ASM, and Netflix that have reported strong earnings. Vecchio explains that PE ratios tend to expand during the early stages of a bull market, indicating a positive economic state.
Various company updates
Ong goes on to talk about specific companies such as eBay, Tesla, Microsoft, and Meta. She mentions that eBay plans to cut 1,000 jobs, and Tesla is preparing to produce a new electric vehicle called Redwood. She also highlights the impact of declining US Treasury yields on companies like Microsoft and Meta.
The video concludes with a technical analysis of the NASDAQ 100 by Axel Rudolph from IG. He mentions the impressive rise of the index and suggests that it has the potential to reach a significant milestone of 18,000. Long wraps up the show by emphasising the positive market sentiment, driven by strong earnings and the overall health of the US economy.
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