Reuters Interview 7/20/22

CNBC Interview 7/19/22
July 19, 2022
CNBC Interview 7/20/22
July 20, 2022

Reuters Interview 7/20/22

U.S. stock index futures edged lower on Wednesday after sharp gains on Wall Street in the previous session as investors assessed better-than-expected earnings reports against the backdrop of a gloomy economic outlook.

Fresh uncertainties stemming from the war in Ukraine also weighed on sentiment. Russian forces shelled eastern and southern Ukraine on Wednesday, according to reports, after Washington said it saw signs Moscow was preparing to formally annex territory it has seized during nearly five months of war. read more

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Netflix Inc’s (NFLX.O) shares jumped 6.4% premarket after it predicted it would return to customer growth during the third quarter, while posting a 1 million drop in subscribers in the second quarter. read more

The streaming service provider was the first among big-tech firms to report quarterly results, raising hopes that they will perform well despite a rocky global economic backdrop.

The S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI) gained more than 2% on Tuesday, while the Nasdaq index (.IXIC) rose 3%, following strong corporate earnings.

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Nasdaq futures were flat on Wednesday.

“Futures were pointing to a higher opening trying to build on yesterday’s strong rally, however, they have since turned down a little bit, so I suspect there’s some profit taking,” Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“Once the earnings come in, if we see a repeat of yesterday (good set of earnings) then I think this profit taking will be short lived.”