Stock Market News: Tesla, Netflix slide, Walmart cuts prices, American Airlines raises outlook
Investors sell Netflix and Tesla shares after earnings pushing the Nasdaq Composite down, home sales and mortgage rates in focus, American Airlines lifts outlook, Walmart cuts prices, Powerball’s $1 billion jackpot has a winner. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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The Nasdaq Composite and the S&P 500 led declines on Wall Street after mixed results from Tesla and Netflix weighed on the broader markets.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| TSLA | $271.90 | -19.36 | -6.65 |
| NFLX | $433.86 | -43.73 | -9.16 |
| JNJ | $167.84 | 9.10 | 5.73 |
| IBM | $139.48 | 4.00 | 2.95 |
| GS | $350.01 | 9.46 | 2.78 |
| I:DJI | $35,354.21 | 293.00 | 0.84 |
Still, the Dow Jones Industrial Average bucked the downtrend after stronger-than-expected results from J&J and IBM, shares of Goldman Sachs also contributed to the rally.
J&J is on pace for its best percentage gain since March 2020.
Elon Musk is considering price cuts on select Tesla models. He defended his strategy on the automaker's earnings call after posting a 47% jump in year-over-year revenues to $24.93 billion.
Netflix shares tumbled as investors weigh whether the company can keep up the momentum.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NFLX | $477.59 | 2.79 | 0.59 |
The streaming giant netted 5.9 million subscribers in the last quarter above the 2.2 million analysts were expecting.
Still, revenue of $8.2 billion was little changed from a year ago, same for net income of $1.49 billion.
Another player has entered has the competitive ride-sharing market, taking on established players Uber and Lyft.
Tesla shares fell on Thursday after mixed results cutting into a 150%+ run of the stock this year.
The Elon Musk-run electric vehicle maker earned $24.93 billion in total revenue in the second quarter. That marked a 47% increase from the same three-month period last year and a nearly 7% lift from the prior quarter but is was lighter than expected. Net income experienced a 19.7% spike compared to 2022’s second quarter, hitting $2.7 billion.
Still, Tesla bulls are optimistic about the company's Cybertruck which is due later this year.
Powerball's third largest jackpot finally has a winner after several draws came up empty.
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