Netflix's subscriber numbers are the talk of Wall Street this morning
Stock futures are inching lower this morning, after all three major indexes dropped for a second consecutive session yesterday. Futures on the Dow Jones Industrial Average (DJI) are slightly below breakeven, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also eyeing a move into the red. The tech sector so far seems wary of Netflix's (NFLX) premarket losses stemming from a slowdown in subscriber growth. In other news, a jury found former police officer Derek Chauvin guilty on all three counts of murder and manslaughter in the death of George Floyd.
Continue reading for more on today's market, including:
- Schaeffer's Senior Quantitative Analyst Rocky White dives into the SPX's impressive run.
- Whirlpool stock is fresh off a record high ahead of earnings today.
- Plus, VZ set to dip despite quarterly win; more on NFLX's subscriber growth; and Moderna pens new Israel vaccine deal.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.5 million call contracts traded on Tuesday, and 753,005 put contracts. The single-session equity put/call ratio rose to 0.48 and the 21-day moving average stayed at 0.46.
- Verizon Communications Inc. (NYSE:VZ) is down 0.4% before the bell, despite the telecommunications giant posting better-than-expected quarterly earnings and revenue. The negative price action came after the company reported a wider loss in wireless subscribers than anticipated.
- FAANG name Netflix Inc (NASDAQ:NFLX) is down 8.5% ahead of the open. Though top and bottom lines came in above analysts' expectations, subscriber growth numbers were weaker than Wall Street had previously estimated. Netflix stock is set to cede its year-to-date breakeven level today.
- The shares of Moderna Inc (NASDAQ:MRNA) are up 0.1% in electronic trading, after the pharmaceutical name penned a new deal to supply Israel with Covid-19 vaccines doses. Plus, the country will also have the option to purchase doses crafted to address virus variants.
- Expect to see updates from the Federal Reserve Chairman Jerome Powell today.
Asian Markets Drop as Covid-19 Infections Rise
Stocks in Asia were mostly lower after today's session, as "reopening" stocks dipped amid rising Covid-19 cases. Japan's Nikkei led the losses with its second-straight decline over 2%. Elsewhere, Hong Kong's Hang Seng fell 1.8%, the South Korean Kospi dipped 1.5%, and China's Shanghai Composite finished the day flat.
Over in Europe, stocks are mixed midday, as investors unpack plenty of earnings. London's FTSE 100 is up 0.3% at last check, amid data that U.K. inflation rose to 0.07% from 0.04% in March. Meanwhile, the French CAC 40 is up 0.5%, and the German DAX has dipped 0.03%. There is relief, however, from soccer fans everywhere after the European Super League plans were suspended after several teams backed out.