Earnings from Tesla (NASDAQ: TSLA) and Alphabet (NASDAQ: GOOG) Drive Stock Market Volatility

July 24, 2024 (Investorideas.com Newswire) US stocks were trading in the negative territory during the pre-opening session on Wednesday due to poor earnings from major tech firms. The Nasdaq could struggle to rebound today, with Alphabet and Tesla’s deceiving reports affecting market sentiment. Alphabet’s stock dropped 1% after hours because of lower YouTube ad revenue, while Tesla’s stock fell over 4% due to a 45% drop in second-quarter profits and a decline in automotive revenue. Tesla shares continued to fall in premarket trading, and Alphabet’s stock slipped over margin concerns. Despite these issues, the market has recently been trending upward, especially in sectors like small-cap stocks and industrials, due to optimism for a soft economic landing but could see some price corrections overall.

The market now focuses on IBM’s Q2 earnings, expected after the close. Sales are forecasted to rise slightly from $15.48 billion last year, but EPS is projected to drop slightly. IBM has beaten earnings expectations for the past five quarters. If IBM’s earnings exceed expectations, it could help support the technology sector and the broader market. Tha market could also react to the upcoming economic data as investors continue to gauge the next steps in monetary policy. The latter could strongly affect sentiment on top of the earnings releases.

More Info:

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Get Great Trading Ideas and News Alerts