Stock Futures Steady; Microsoft Down, Tesla Surpasses Expectations

23 July 2020

    Futures contracts have held more or less steady amidst the week of generally positive earnings. Wednesday after-hours trading has been largely focused on Q2 results from Tesla and Microsoft. 


    Tesla blew past analyst expectations, posting its fourth consecutive quarter of profit (which potentially puts it on the list of entering the S&P 500 list), and reported Q2 earnings per share of $2.18, as opposed to the 3 cents per share expected. 


    Microsoft had too delivered better-than-expected figures, but its shares fell as much as 3% in after-hours trading, as the company mentioned its transactional license purchasing continued to slow, and its subsidiary - LinkedIn was negatively impacted by the weak job market.


    The Dow has been up 1.25% for the week, while S&P 500 and Nasdaq have reported an increase of 1.59% and 1.9%, respectively.


    The market is now looking out for today’s weekly jobless claims report. Another 1.3 million workers are expected to have filed first-time unemployment claims during the last week.

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