Premarket: Apple is green

From Barron's "Dow Futures Rise, Tesla Surges, Tech Bounces Back" posted early Thursday:

Stocks were rising with the corporate earnings season remaining a dominant force in markets, as investors also looked ahead to comments from Federal Reserve Chair Jerome Powell later on Thursday.

The tech sector was bouncing back from a selloff, which followed weak first-quarter results and a downbeat outlook from Netflix (ticker: NFLX) that ushered in a 35% loss in the value of the stock on Wednesday. Some of that pessimism looked to be undone following strong earnings from Tesla (TSLA), which notched record sales and profit.

“U.S. market sentiment was dominated by Netflix’s results yesterday, with the huge 200,000 lost subscribers shocking the market,” said Sophie Lund-Yates, an analyst at broker Hargreaves Lansdown . “However, Tesla’s results last night should offset a reasonable chunk of tech jitters.”

Companies reporting results in the day ahead include American Airlines (AAL), AT&T(T), Philip Morris International (PM), and Snap (SNAP).

Investors are focused on how well companies are weathering a complex macroeconomic environment, amid historically high inflation and expectations that the Federal Reserve will soon tighten monetary policy and ratchet up borrowing costs.

Charts: Yahoo!Finance sees a bullish price-crosses-moving-average pattern. Max pain stays at $167.50 with a call mountain at $170.

2 Comments

  1. My wish came true. According to Bloomberg this morning Apple spent a record $2.5 million on lobbying in the first quarter. I find that a cost-effective way to educate decision makers.

    5
    April 21, 2022
  2. Michael Goldfeder said:
    @Thomas: Thanks for that update. Although I was somewhat surprised as to the amount of money being spent on the “Evelyn Wood” speed reading and comprehension courses for our illiterate Senators and Representatives. But whatever it takes to get the job done it’s probably worth it.

    2
    April 21, 2022

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