Tech Earnings Disappoint: Nasdaq Futures Plunge as Tesla and Google Underwhelm Investors

Nasdaq Futures Plunge as U.S. Tech Earnings Disappoint, PMI Data in Focus

September Nasdaq 100 E-Mini futures (NQU24) are trending down -1.04% this morning as Alphabet's cautious outlook on AI progress and Tesla's profit miss, coupled with a delay in its Robotaxi event, weighed on sentiment, while investors awaited U.S. business activity data and the next round of corporate earnings reports. Tesla (TSLA) slumped over -7% in pre-market trading after the electric vehicle giant reported weaker-than-expected Q2 adjusted EPS and postponed its Robotaxi event to October. Also, Alphabet (GOOGL) fell more than -2% in pre-market trading despite reporting better-than-expected Q2 results, as the company's chief indicated that patience will be required to see concrete results from artificial intelligence investments. In yesterday's trading session, Wall Street's main stock indexes closed in the red. UPS (UPS) tumbled over -12% and was the top percentage loser on the S&P 500 after reporting weaker-than-expected Q2 results. Also, NXP Semiconductors (NXPI) slid more than -7% after the company provided disappointing Q3 guidance. On the bullish side, Pentair (PNR) climbed +9% and was the top percentage gainer on the S&P 500 after the company posted upbeat Q2 results and updated its full-year adjusted EPS guidance to around $4.25 from $4.15-$4.25. In addition, Arm (ARM) rose about +5% and was the top percentage gainer on the Nasdaq 100 following a note from M Science stating that all new Arm deployments in the first half of July were powered by Amazon Graviton GPUs. Economic data on Tuesday showed that U.S. existing home sales fell -5.4% m/m to 3.89M in June, weaker than expectations of 3.99M. Also, the July Richmond Fed manufacturing index came in at -17, weaker than expectations of -7. Second-quarter corporate earnings season rolls on, with investors awaiting fresh reports from notable companies today, including IBM (IBM), AT&T (T), Chipotle Mexican Grill (CMG), Thermo Fisher Scientific (TMO), General Dynamics (GD), Ford Motor (F), and Las Vegas Sands (LVS). On the economic data front, all eyes are focused on the U.S. S&P Global Manufacturing PMI preliminary reading, set to be released in a couple of hours. Economists, on average, forecast that the July Manufacturing PMI will come in at 51.7, compared to last month's value of 51.6. Also, investors will focus on the U.S. S&P Global Services PMI, which stood at 55.3 in June. Economists foresee the preliminary July figure to be 54.7. U.S. New Home Sales data will be reported today. Economists foresee this figure to stand at 639K in June, compared to the previous number of 619K. The U.S. Building Permits data will come in today. Economists expect June's figure to be 1.446M, compared to 1.399M in May. U.S. Crude Oil Inventories data will be reported today as well. Economists estimate this figure to be -2.600M, compared to last week's value of -4.870M. Meanwhile, investor focus also rests on the U.S. core personal consumption expenditures price index for June, the Fed's first-line inflation gauge, which is set for release on Friday. The reading could provide insights into whether policymakers might lower interest rates in September. U.S. rate futures have priced in a 4.7% chance of a 25 basis point rate cut at next week's monetary policy meeting and a 91.7% probability of a 25 basis point rate cut at the September meeting. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.241%, up +0.05%. The Euro Stoxx 50 futures are down -0.93% this morning as investors digested a batch of corporate earnings reports from major companies, while disappointing results from U.S. tech giants Tesla and Alphabet also weighed on sentiment. Household goods and technology stocks led the declines on Wednesday. A survey released on Wednesday revealed that German consumer sentiment is set to improve significantly heading into August as households' income expectations reached their highest level in more than two years. Separately, a survey showed on Wednesday that Eurozone business activity growth stalled in July, with a modest expansion in the region's leading services industry proving insufficient to counterbalance a more pronounced decline among manufacturers. In corporate news, Lvmh (MC.FP) slumped over -4% after the world's biggest luxury group reported weaker-than-expected Q2 sales growth. Also, Deutsche Bank Ag (DBK.D.DX) slid more than -6% after reporting its first quarterly loss in four years due to a charge related to a legacy issue at its Postbank division. In addition, Temenos Ag (TEMN.Z.IX) fell over -2% after the Swiss banking software firm cut its full-year guidance. Germany's GfK Consumer Climate Index, France's Manufacturing PMI (preliminary), France's Services PMI (preliminary), Germany's Manufacturing PMI (preliminary), Germany's Services PMI (preliminary), Eurozone's Manufacturing PMI (preliminary), Eurozone's Composite PMI (preliminary), and Eurozone's Services PMI (preliminary) data were released today. The German August GfK Consumer Climate Index has been reported at -18.4, stronger than expectations of -21.1. The French July Manufacturing PMI stood at 44.1, weaker than expectations of 45.8. The French July Services PMI came in at 50.7, stronger than expectations of 49.7. The German July Manufacturing PMI arrived at 42.6, weaker than expectations of 44.1. The German July Services PMI was at 52.0, weaker than expectations of 53.2. Eurozone July Manufacturing PMI stood at 45.6, weaker than expectations of 46.0. Eurozone July Composite PMI has been reported at 50.1, weaker than expectations of 51.1. Eurozone July Services PMI came in at 51.9, weaker than expectations of 52.9. Asian stock markets today settled in the red. China's Shanghai Composite Index (SHCOMP) closed down -0.46% and Japan's Nikkei 225 Stock Index (NIK) closed down -1.11%. China's Shanghai Composite Index closed lower and hit a 5-month low today, extending recent declines amid concerns about the economy and geopolitical risks. Property and automobile stocks underperformed on Wednesday, while telecom stocks gained ground. Meanwhile, China's yuan fell to its lowest level in over eight months against the dollar on Wednesday as commodities-linked currencies broadly declined on a pessimistic outlook for Chinese demand. In other news, China Securities Journal reported Wednesday that the outstanding balance of short trades on China's stock exchanges dropped to 27.9 billion yuan ($3.8 billion) on Monday, the lowest level in over four years, as China's new measures to curb short-selling took effect. In corporate news, Chow Tai Fook slid over -6% in Hong Kong after the jewelry retailer reported that retail sales dropped 20% in the first quarter compared to the same period last year. Investor attention is now centered on the official June data for Chinese companies' industrial profits, set to be released on Saturday, which is expected to offer insights into second-quarter earnings for Chinese-listed companies. Japan's Nikkei 225 Stock Index closed lower today, hitting a 1-month low, as caution remained over the Bank of Japan's potential rate hikes, while the yen's continued rally also weighed. Automobile and real estate stocks led the declines on Wednesday. A business survey revealed on Wednesday that Japan's factory activity unexpectedly contracted in July as output and new orders dropped, with firms continuing to face pressure from higher prices. At the same time, flash data indicated that Japan's service sector activity expanded in July at its fastest rate since April. Meanwhile, the Japanese yen reached a seven-week high against the dollar as market participants repositioned in anticipation of a potential interest rate increase by the BOJ in the coming months, if not at its policy meeting next week. According to a Bloomberg survey, only around 30% of BOJ watchers expect the authorities to raise rates on July 31st, but over 90% believe there is a risk of such a move. In corporate news, Mitsubishi Motors slumped over -7% after its first-quarter net profit fell due to weaker North American business. At the same time, Eagle Industry Co. surged more than +10% after the company boosted its full-year dividend forecast to 90 yen per share from 80 yen per share. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed down -0.26% to 19.01. The Japanese July au Jibun Bank Japan Manufacturing PMI (preliminary) arrived at 49.2, weaker than expectations of 50.5. Pre-Market U.S. Stock Movers Tesla (TSLA) slumped over -7% in pre-market trading after the electric vehicle giant reported weaker-than-expected Q2 adjusted EPS and postponed its Robotaxi event to October. Alphabet (GOOGL) fell more than -2% in pre-market trading despite reporting better-than-expected Q2 results, as the company's chief indicated that patience will be required to see concrete results from artificial intelligence investments. Seagate Technology (STX) climbed over +5% in pre-market trading after reporting upbeat Q4 results and providing an above-consensus Q1 forecast. Texas Instruments (TXN) gained more than +2% in pre-market trading after the analog semiconductor giant reported better-than-expected Q2 EPS and offered solid Q3 guidance. Visa (V) slid over -3% in pre-market trading after the company reported weaker-than-expected Q3 revenue. Thermo Fisher Scientific (TMO), IBM (IBM), ServiceNow Inc (NOW), NextEra Energy (NEE), AT&T (T), Boston Scientific (BSX), KLA Corp (KLAC), Fiserv (FI), Waste Management (WM), General Dynamics (GD), Amphenol (APH), Chipotle Mexican Grill (CMG), CME Group (CME), Republic Services (RSG), O'Reilly Automotive (ORLY), Roper Technologies (ROP), Ford Motor (F), Newmont Goldcorp (NEM), Edwards Lifesciences (EW), United Rentals (URI), Waste Connections (WCN), TE Connectivity (TEL), Old Dominion Freight Line (ODFL), Ameriprise Financial (AMP), Fomento Economico Mexicano (FMX), Vertiv Holdings Co (VRT), Las Vegas Sands (LVS), Westinghouse Air Brake (WAB), Fortive (FTV), Rollins (ROL), Raymond James Financial (RJF), Teradyne (TER), Teck Resources B (TECK), Invitation Homes (INVH), Tyler Technologies (TYL), Carlisle (CSL), Lennox (LII), Rogers Communications (RCI), Check Point Software (CHKP), Teledyne Technologies (TDY), Align (ALGN), Molina Healthcare (MOH), International Paper (IP), Graco (GGG), Tenet Healthcare (THC), Universal Health Services (UHS), Renaissancere (RNR), Flex (FLEX), Lamb Weston Holdings (LW), IPG (IPG), Evercore (EVR), Churchill Downs (CHDN), Annaly Capital Management (NLY), Weatherford (WFRD), KBR (KBR), SEI (SEIC), Stifel (SF), Chemed (CHE), Globe Life (GL), Knight-Swift Trans (KNX), MSA Safety (MSA), Popular (BPOP), Meritage (MTH), South State (SSB), Taylor Morrison Home (TMHC), Robert Half (RHI), Prosperity Bancshares (PB), First American (FAF), Wyndham Hotels (WH), Viking Therapeutics Inc (VKTX), Valmont Industries (VMI), Whirlpool (WHR), Essential Properties (EPRT), Pegasystems (PEGA), SLM (SLM), Moelis & Co (MC), Impinj (PI), Tower (TSEM), Group 1 Automotive (GPI), Quantumscape (QS), Silicon Labs (SLAB), Helmerich Payne (HP), United Community Banks (UCBI), Travel + Leisure Co (TNL), Blackstone Mortgage (BXMT), Plexus (PLXS), Century Communities (CCS), Empire State Realty (ESRT), Simmons First National (SFNC), Pacific Premier (PPBI), Oceaneering International (OII), Nextera Energy Partners LP (NEP), Goosehead Insurance (GSHD), Stewart Info Services (STC), MaxLinear (MXL), Live Oak Bancshares Inc (LOB), Helix (HLX), SJW (SJW), Navient (NAVI), Pebblebrook Hotel (PEB), Getty (GTY), Pathward Financial (CASH), Veris Residential (VRE), PROG Holdings (PRG), Kaiser (KALU), Monarch (MCRI), QCR (QCRH), Origin Bancorp (OBK), Core Laboratories (CLB), Wabash National (WNC). More Stock Market News from Barchart On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Plunge on Disappointing Tesla and Google Earnings News and Chip Weakness

Stocks are trading sharply lower on disappointing earnings reports late Wednesday from Tesla (TSLA) and Alphabet (GOOG), along with reduced optimism about AI. In addition, European stocks were undercut by disappointing results from LVMH Moet Hennesy Louis Vuitton, which saw a sharp drop in sales in China, and Deutschebank, which said it would likely cancel plans for a stock buyback later this year. Stock investors will continue to focus on tech stocks, with key earnings reports on tap for next week. Tesla (TSLA) and Alphabet (GOOG) were the first of the Magnificent Seven to report earnings, with their reports late Wednesday. Mag 7 companies reporting next week include Microsoft (MSFT) on Tuesday, Meta (META) on Wednesday, and Apple (AAPL) and Amazon (AMZN) on Thursday. Nvidia (NVDA) is expected to report earnings on August 28. The market consensus is that Q2 earnings for the S&P 500 companies will rise +9% y/y. About one-quarter of the companies in the S&P 500 have reported thus far, and the majority have beaten their earnings forecasts, according to Bloomberg. Today's US economic reports were weak and were negative for the US economy, although they were at least dovish for Fed policy. The preliminary-July S&P US manufacturing PMI fell by -2.1 points to 49.5, which was substantially weaker than expectations of unchanged at 51.6. The US manufacturing PMI fell below the expansion-contraction level of 50.0 for the first time since December 2023, indicating weakness in the US manufacturing sector. By contrast, the preliminary-July S&P US services PMI rose by +0.7 points to 56.0, stronger than expectations for a -0.4 point decline to 54.9. June US new home sales fell by -0.6% to 617,000, weaker than expectations of a rise to 640,000. Home sales are being undercut by high mortgage rates and high home prices. The markets are looking ahead to Friday's PCE deflator report for an update on when inflation may have fallen by enough to allow the Fed to proceed with a rate cut. The PCE deflator is the Fed's preferred inflation measure. The consensus is that Friday's June PCE deflator will ease to +2.4% y/y from May's +2.6%, and the June core PCE deflator will ease to +2.5% y/y from May's +2.6%. The expected PCE deflator reports of +2.4% y/y (headline) and +2.5% y/y (core) would represent new 3-1/4 year lows for both measures, which would give the Fed more confidence that inflation will continue to move lower towards its +2% inflation target. The markets are discounting the chances for a -25 bp rate cut at 7% for next week's FOMC meeting on July 30-31 and 100% for the following meeting on September 17-18. Overseas stock markets are lower. The Euro Stoxx 50 today is down -1.09%. China's Shanghai Composite closed down -0.46% for the third consecutive decline. Japan's Nikkei Stock 225 Index closed down -1.11%. Interest Rates September 10-year T-notes (ZNU24) today are up +5.5 ticks. The 10-year T-note yield is down by -3.3 bp at 4.217%. T-note prices are seeing support from weak US economic reports and increased safe-haven demand with today's sharp sell-off in stocks. T-note prices are also seeing support from a decline today in the 10-year breakeven inflation expectations rate by -0.4 bp to 2.271%. T-note prices are being undercut by supply pressures amidst this week's Treasury auctions, although the markets took Tuesday's 2-year T-note auction in stride. The Treasury will auction $30 billion of 2-year floating rate notes and $70 billion of 5-year T-notes today, and $44 billion of 7-year T-notes on Thursday. European government bond yields are higher. The 10-year German bund yield is up by +0.5 bp at 2.444%. The 10-year UK gilt yield is up +2.1 bp at 4.146%. The preliminary-July Eurozone manufacturing PMI fell by -0.2 points to 45.6, weaker than expectations for a +0.3 point rise to 46.1. The preliminary-July Eurozone services PMI fell by -0.9 points to 51.9, which was weaker than expectations for a +0.1 point increase to 52.9. Swaps are discounting the chances of a -25 bp rate cut by the ECB at 87% for the September 12 meeting. US Stock Movers Alphabet (GOOG) is down more than -4%. Alphabet's earnings were positive relative to market expectations, but there was disappointment about weakness in YouTube and high capex from AI spending. Tesla (TSLA) is sharply lower by more -11% on disappointment about its earnings report, which was released after Wednesday's close. Tesla's auto profits and margins were disappointing. Also, Tesla postponed the unveiling of its autonomous taxis by two months until October. Tesla's automotive gross margin fell to 14.6% in Q2 from 16.4% in Q1 due to falling auto sales and pricing, rising capex, and restructuring charges from mass layoffs. Cowen analyst Jeff Osborne said Tesla the earnings report showed that Tesla was "Big hat, No cattle," and, "Given the hype cycle the past few weeks around AI, we would expect shares to retrace the recent rally as nothing new was offered around progress with AI." Chip stocks are leading tech stocks lower even though Texas Instruments (TXN) is up +0.4% after reporting in-line Q2 results and guidance that fostered confidence that its revival is progressing. Qualcomm (QCOM), Broadcom (AVGO), and KLA (KLAC) are down more than -4%. NVIDIA (NVDA), Lam Research (LRCX), Marvel Technology (MRVL), ASML (ASML), AMD (AMD), and GlobalFoundaries (GFS) are down more than -3%. Visa (V) is down more than -3% after its quarterly revenue slightly missed Street estimates. Blackstone Mortgage Trust (BXMT) is down more than -9% after cutting its dividend by 24% as its commercial mortgage loan portfolio worsened with defaults and late payments, which had negative implications for other REITs that focus on commercial property. AT&T (T) is up nearly +5% after reporting a larger-than-expected number of new mobile-phone subscribers in Q2. Earnings Reports (7/24/2024) AT&T Inc (T), Amphenol Corp (APH), CME Group Inc (CME), Old Dominion Freight Line Inc (ODFL), International Paper Co (IP), Westinghouse Air Brake Technol (WAB), Roper Technologies Inc (ROP), Fortive Corp (FTV), General Dynamics Corp (GD), GE Vernova Inc (GEV), Interpublic Group of Cos Inc/T (IPG), Boston Scientific Corp (BSX), Thermo Fisher Scientific Inc (TMO), Fiserv Inc (FI), Allegion plc (ALLE), NextEra Energy Inc (NEE), Otis Worldwide Corp (OTIS), TE Connectivity Ltd (TEL), Teledyne Technologies Inc (TDY), Lamb Weston Holdings Inc (LW), Ford Motor Co (F), Chipotle Mexican Grill Inc (CMG), O'Reilly Automotive Inc (ORLY), Molina Healthcare Inc (MOH), Waste Management Inc (WM), Republic Services Inc (RSG), International Business Machine (IBM), Align Technology Inc (ALGN), KLA Corp (KLAC), ServiceNow Inc (NOW), Newmont Corp (NEM), United Rentals Inc (URI), Globe Life Inc (GL), Tyler Technologies Inc (TYL), Teradyne Inc (TER), Invitation Homes Inc (INVH), Rollins Inc (ROL), Ameriprise Financial Inc (AMP), Universal Health Services Inc (UHS), Edwards Lifesciences Corp (EW), Las Vegas Sands Corp (LVS), Raymond James Financial Inc (RJF). More Stock Market News from Barchart On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

North American Morning Briefing : Nasdaq Futures Tumble as Tesla, Alphabet Underwhelm

Nasdaq futures slid on Wednesday following poorly received earnings reports from Tesla, and, to a lesser extent Alphabet, contributing to a risk-off tone in global markets. Benchmark Treasury yields were little changed. Investors await another heavy day of earnings including results from AT&T ahead of the market open, and IBM and Ford after the close. Overseas Markets European equities were in the red, weighed by the disappointing U.S. results and after Deutsche warned on profits . More bad news for European luxury stocks and weak PMI readings for the eurozone and Germany added to the gloom. Postmarket Movers Assure Holdings said in a filing with the SEC that Nasdaq will delist its stock, and trading of the company's securities will be suspended at the start of trading on Wednesday. Shares fell more than 27%. Manhattan Associates' results beat expectations and shares rose 8%. Premarket Movers Alphabet's earnings sparked concerns about heavy spending on AI, and slowing ad sales growth and its shares fell. Mattel posted another decline in sales and its shares edged higher, having slid in Tuesday's session. Tesla's profit tumbled in the second quarter and shares fell more than 8%. Visa's results showed a slowdown in overall U.S. volume growth and stock fell 3%. Watch For: New Home Sales for June; EIA Weekly Petroleum Status Report; Canada New House Prices for June; Bank of Canada Interest Rate Decision - What Would a Harris Presidency Mean for the Economy? The dollar is unlikey to move much if upcoming U.S. economic data cements expectations for a rapid interest-rate cutting cycle by the Fed in coming months, Commerzbank said. A first rate cut in September is now almost fully priced in and the market sees a good chance of two more cuts before year-end. "However, I would expect a stronger movement if the data cast doubt on market expectations." Market expectations for a U.K. rate cut in August could rise above 50% if the Bank of Canada cuts rates in a decision at 0945 ET, and sterling could fall, ING said. The yen strengthened further against the dollar, after data showed a jump in Japanese service sector activity. Capital Economics expects the Fed's possible rate cuts would help recover the value of the yen against the dollar next year. Bonds: The term premium looks low in 10-year Treasurys and there is room for it to rise, TD Securities said, with its own model implying 55 basis points of upside to current estimates. The Treasury yield curve is still flat but there are some silver linings on the fundamental side for those betting on higher term premiums. "But the jury is still out on whether the macro outlook is radically different from the pre-Covid era." Trend growth is moderating, inflation uncertainty is falling, and demographic aging continues. A growing share of price-inelastic buyers of Treasurys has kept the yield curve flatter for now, but the yield curve could steepen, especially as the fiscal outlook supports the case for larger term premiums, TD Securities said. "However, the historical relationship between deficits and a steeper curve isn't as strong as it once was." TD Securities also expects the U.S. five- to 30-year Treasury yield curve to steepen, even if the Fed doesn't cut rates. "We...also see a path toward larger term premiums and a steeper curve driven by structurally higher long-term yields." Energy: Oil prices edged higher, supported by reports that U.S. crude inventories fell again last week after prices came under pressure in the previous session. "We still believe that the fundamentals support prices moving higher from current levels over the remainder of the third quarter on the back of a deficit environment," ING said. Metals: Gold prices edged higher as traders await key U.S. economic and inflation data later this week. Positive sentiment is also supported by prospects of stronger physical demand in India after the government slashed its imports tax on gold to 6% from 15%. The move "should support jewellery manufacturing in the world's second-biggest consumer of the precious metal" and "adds to an already favourable backdrop for demand," ANZ said. Copper extended recent losses, reflecting continued weak sentiment over the disappointing lack of measures to boost economic growth at China's Third Plenum, ANZ said. It might find support from improved sentiment in India, however, as the government said it will continue spending on infrastructure, according to its latest budget. TODAY'S TOP HEADLINES Apple Under Investigation in Spain Over Treatment of App Store Developers Spanish antitrust officials launched an investigation into Apple, saying the iPhone maker might be imposing unfair conditions on developers who rely on its App Store to distribute their applications. The country's National Markets and Competition Commission, known as CNMC, said it is probing Apple's treatment of developers to ascertain whether the tech giant is engaging in anti-competitive practices in breach of Spanish and European Union legislation. Nvidia Stock Falls. What Alphabet's AI Spending Plans Mean for the Chip Maker. Nvidia looked set to fall on Wednesday in the wake of Google parent Alphabet's quarterly earnings. The report contained mixed signals for the Magnificent Seven semiconductor stock, which dropped 1.8% to $120.43 in premarket trading. The AI chip maker's shares had fallen 0.8% on Tuesday. Lysol-Maker Reckitt to Sell Some Home-Care Brands, Review Infant Formula Unit in Shake-Up Reckitt Benckiser, the consumer-goods giant that makes Lysol and Durex condoms, said it would sell off some of its home-care brands and launch a strategic review of its troubled infant-formula unit Mead Johnson as it seeks to streamline its business with a major overhaul. Reckitt said Wednesday that it aimed to exit its portfolio of home-care brands that are no longer core by the end of 2025 as it refocuses on its high-margin "powerbrands," like Lysol, in a bid to be more efficient. It's Trump vs. Harris. Brokerage Stocks Are One Way to Profit. About a week after Donald Trump turned his head, saving himself from an assassin's bullet, President Joe Biden surprisingly terminated his re-election campaign. Vice President Kamala Harris is the presumptive Democratic nominee, but Trump remains the front-runner. With the battle for the White House in November now clear, prepare for a wave of stock market volatility as investors try to maneuver among various outcomes. New Stock ETFs Offer 100% Price Protection. This Is the Big Risk. No downside risk-it's the dream of every stock investor. While so-called buffer exchange-traded funds that hedge the downside risk on indexes like the S&P 500 have been around since 2018, they previously seemed like a bad deal. In exchange for a significantly capped upside of their benchmarks' returns, they typically protected investors only from the first 10% or 20% of market losses. That's no longer the case, thanks to the newer 100% buffer ETFs. In the past year, four investment firms-Innovator Capital Management, BlackRock's iShares, Calamos Investments, and First Trust-have launched ETFs promising complete downside protection. And their upside caps, or maximum positive annual returns, are in the 8% to 11% range-close to the long-term historical average return for stocks. Trump Campaign Files Complaint to Block Biden Transferring War Chest to Harris The Trump campaign filed a long-shot challenge to block Vice President Kamala Harris from campaign funds in what used to be the joint Biden-Harris war chest, in a complaint filed Tuesday with the Federal Election Commission. Former President Donald Trump's campaign claims Harris fraudulently grabbed funds contributed to a different candidate in the launch of her own presidential campaign, according to a letter to the commission viewed by The Wall Street Journal. Pulse Seismic 2Q EPS C$0.03; 2Q Rev C$6.3M; Declares Quarterly Dividend of C$0.015; Special Dividend of C$0.05 VIP Entertainment Technologies Announces Delay in Filing of Annual Financial Statements Due to Resignation of Auditors, CFO Change; Cease Trade Order to Be in Effect Until Filings Made; Anticipates Filing on or About Sept. 28 WildBrain Announces New $415M Senior Secured Credit Facility 23:01/UK: Jun UK monthly automotive manufacturing figures 23:30/JPN: May Final Labour Survey - Earnings, Employment & Hours Worked 23:50/JPN: Jun Services Producer Price Index All times in GMT. Powered by Kantar Media and Dow Jones.

The Zacks Analyst Blog Highlights Tesla, Alphabet, Seagate Technologies, Texas Instruments and Visa

Chicago, IL - July 24, 2024 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Tesla TSLA, Alphabet GOOGL, Seagate Technologies STX, Texas Instruments TXN and Visa V. Here are highlights from Tuesday's Analyst Blog: Seagate, Alphabet Lead Tuesday Afternoon Earnings Beats Markets Tuesday behaved reminiscent to a week ago or so. While three of the four major indices hung pretty close to zero-balance and dipped into the red shortly before the closing bell, the small-cap Russell 2000 swooped past the field shortly after the open and remained above it all session. The Dow lost -57 points, -0.14%, while the Nasdaq was -10 points, -0.06%, and the S&P 500 -0.16%. The Russell gained +1.23% and is +10% over the past month of trading. As Q2 earnings begins to elbow out other new events, we take one exception here. Tuesday morning, Existing Home Sales for June made the case for the housing industry, but didn't particularly make it well. A total of 3.89 million seasonally adjusted, annualized units for the month was below the estimated 3.95 million and the unrevised 4.11 million for May. This is the fourth-straight month of lower existing home sales and the lowest of the year as the median price rose to a record-high $426,900. Wednesday morning, after the open, we'll see New Home Sales, which are expected to be up month over month, taking up a higher percentage of housing demand. Tesla disappointed on Q2 earnings yesterday afternoon. Coming out at 52 cents per share was a dime lower than the consensus estimate, while revenues slightly outperformed expectations: $25.50 billion from $25.13 billion. In the press release, the company warned full-year deliveries may be "notably lower," with more color pointing toward the following conference call. A lower-priced Tesla model and the Robotaxi status are two elements Tesla shareholders will also expect to hear more about. Directly following the release, TSLA shares are -2.5%. Google parent Alphabet, on the other hand, beat on both top and bottom lines after the close. Earnings of $1.89 per share notched a four-cent beat (and notably ahead of the $1.44 per share reported in the year-ago quarter) on revenues -- minus TAC costs, which the company doesn't discount on headline -- of $71.36 billion, ahead of the $70.60 billion in the Zacks consensus. YouTube brought in $8.66 billion, which was light of estimates, but its cloud business came in at $10.35 billion, surpassing expectations -- and improving its status among the very biggest cloud-computing companies. Shares were sluggish to start after-hours trading, but are up +1.5% at this hour. Seagate Technologies had perhaps the most impressive quarter post-closing bell Tuesday. Its fiscal Q4 earnings came in at $1.05 per share -- 20 cents higher than the Zacks consensus and a whopping +680% over the -$0.18 per share posted a year ago for the Zacks Rank #1 (Strong Buy)-rated cloud and AI tech firm. Revenues of $1.89 billion outpaced the $1.86 billion expected, and marks the third-straight earnings beat for the company, which was up +6.4% in late trading, adding to the +27% gains year to date. Texas Instruments also outperformed in the quarter, but not as substantially. Earnings of $1.22 per share amounted to a six-cent beat -- consistent with its near-perfect record of (slight) improvements over estimates in the past five years. Revenues came in at $3.82 billion, modestly beyond the $3.80 billion analysts had been looking for. The analog-chip giant kept its next-quarter guidance in-line with recent estimates, and shares were up +5% initially on the news. Visa posted a one-penny beat in its fiscal Q3 yesterday afternoon. Earnings of $2.42 per share was notably ahead of the $2.16 per share reported a year ago. But revenues were a smidge below expectations to $8.9 billion for the quarter, on Payments Volume which grew +7% in the quarter. Shares were down -2% in the late session, virtually giving up the credit card giant's entire year-to-date gains. Questions or comments about this article and/or author? Click here>> Today you can access their live picks without cost or obligation. Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. 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