Nasdaq futures rise as better-than-expected Netflix results keep tech gains going

Peter Boockvar digs in on today's market action

Nasdaq futures rose Wednesday just after the major averages posted a second straight working day of gains, and Netflix reported solid earnings.

Futures tied to the Nasdaq 100 extra .4%. S&P 500 attained .3%, and Dow Jones Industrial Normal futures superior 44 details, or .1%.

Netflix shares rallied 13% following the streaming giant posted earnings and revenue that defeat estimates as well as solid subscriber progress for the third quarter. Other tech-related names this kind of as Meta, Amazon and Microsoft traded better in the premarket.

People effects come as some on Wall Avenue reset their earnings projections reduced as buyers worry about a recession. Gene Goldman, chief expense officer at Cetera Expenditure Administration, said that even though an financial recession could be mild, the marketplace could wrestle with people downward revisions.

Earnings estimates are a little bit as well large for the S&P 500 at 7% to 9% for every calendar year heading forward, he claimed. “Slowing financial expansion and Fed price hikes will possible put downward tension on earnings. Mainly because earnings travel stock charges, they could force marketplaces for some time.”

Tech earnings will be in full swing future week, but IBM and Tesla are on deck to report Wednesday. Social media company Snap will report later on in the week.

In economic information, investors are on the lookout forward to housing starts on Wednesday. The Federal Reserve’s so-termed Beige Reserve, the central bank’s report on the present condition of financial circumstances, will occur out as very well.

Wednesday’s moves arrived just after one more sturdy working day for stocks, with the Dow rallying about 337 factors Tuesday and the S&P 500 getting 1.1%.

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