Skip to content Skip to footer

Netflix Has a Disappointing Earnings Call, Global Indices Rally & Oil Prices Rebound

Indices rally after COVID-19 uncertainty fades

Indices across the globe continued to rally on Wednesday as markets began to ignore recent uncertainty around the delta variant.

After falling by its most since January, the Dow Jones led the rebound in the United States, climbing by as much as 140 points in today’s session.

This comes despite data showing that the 7-day average for COVID-19 related infections, had risen to above 37,000 earlier today.

In the United Kingdom, 47.599 cases of the virus were reported in the last 24-hours, despite this, the FTSE 100 rose by 1.70% on Wednesday.

Many believe that the rebound could be temporary and wait to see if consumer confidence is dented by the recent climb in cases.

Netflix shares fall amidst disappointing earnings call

Moving away from COVID-19, earnings season continued this week, with Netflix the latest company to announce its Q2 financial figures.

The tech giant reported that its earnings per share fell below expectations, coming in at $2.97 vs $3.16 expected.

As a result of this, shares in the company were down by as much as 4% today, despite revenue and paid subscriber additions beating forecasts.

Revenue came in at $7.34 billion vs $7.32 billion expected, whilst global paid net subscriber additions rose to 1.54 million vs 1.19 million expected.

The tech-centric NASDAQ was up 0.76% as of writing.

Oil price rebounds despite inventories rising

Oil prices were trading higher on Wednesday, after falling to their lowest level since May during yesterday’s session.

Prices of WTI crude rose to an intraday high of $70.92 during trading, despite data showing that U.S. crude inventories had risen.

Data from the Energy Information Administration showed that inventories rose by 2.1 million barrels last week to 439.7 million barrels.

This was unexpected, as analysts had forecasted a 4.5 million-barrel drop in the latest report.

This would be a boost to OPEC+ producers, who this week agreed to increased output from August – December 2021.

Quote of the day – “Stocks are bought not in fear but in hope. They are typically sold out of fear.”

– Justin Mamis

Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com