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USA100 – Eyes on Earnings Data, But No Clear Direction Seen Yet!

The NASDAQ trades with no gains or losses and this can also be understood when monitoring the most influential components. From the top 15 most influential components (stocks) 6 are currently trading lower. Ideally investors looking to purchase wish to see 75% of components rising and “shorters” wish to see 75% in the decline. Currently, neither is being experienced, but investors will wait to see if such an opportunity to develop once the US session opens at 13:30 GMT.

NASDAQ’s recent decline has been predominantly influenced by two factors: indications of prolonged higher interest rates and the Middle East conflict. The latter has led to diminished investor sentiment and concerns regarding higher inflation. Regarding the Federal Reserve’s monetary policy, market expectations for a June rate cut, previously at 72%, fell to a mere 16% due to elevated inflationary pressures and a resilient US economy. According to the CM Exchange, an adjustment is now anticipated to occur in September 2024.

Meta is one of the stocks which are currently within the sptotlight. The company has decided to pay dividends to shareholders for the first time and continues to be one of the better performing stocks. In anticipation of the publication of the financial report, many institutions began to revise their estimates. Truist Securities experts adjusted the forecast from a target price of $525 to $550. Analysts believe that the company is actively introducing new advertising monetization opportunities based on a higher volume of impressions.

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In the meantime, investors will continue focusing on upcoming earnings reports. These include Netflix, Alphabet, Tesla, Microsoft, Amazon as well as Meta. These quarterly earnings reports are also likely to increase volatility. If the USA100 crosses above $17,623.60, and earnings beat expectations, the USA100 could develop a bearish bias.

  • Microsoft – Quarterly Earnings expected to fall 3%. +11.05% in 2024.
  • Alphabet – Quarterly Earnings expected to fall 8%. +12.41% in 2024.
  • Netflix – Quarterly Earnings expected to increase 100%. +31.00% in 2024.
  • Amazon – Quarterly Earnings expected to fall 16%. +21.00% in 2024.
  • Meta – Quarterly Earnings expected to fall 18%. +42.70% in 2024.
  • Tesla – Quarterly Earnings expected to fall 29%. -37.42% in 2024.
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Michalis Efthymiou
HFM’s Market Analyst
Michalis Efthymiou brings over 9 years of extensive experience in the financial services industry across the United Kingdom and Europe. Initially serving as a financial advisor in London for 5 years, he has transitioned into the field of market analysis over the past 4 years.
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