September S&P 500 futures (ESU23) are up +0.25%, and September Nasdaq 100 E-Mini futures (NQU23) are up +0.36% this morning after three major U.S. benchmark indices closed mixed on Thursday as market participants digested a mixed slate of corporate earnings and parsed through economic data that underscored the continued strength of the U.S. labor market, with the focus shifting to the Federal Reserve’s interest-rate decision scheduled for next week.
In Thursday’s trading session, the blue-chip Dow outperformed the other two indices, buoyed by an over +6% jump in Johnson & Johnson (JNJ) after the healthcare giant reported upbeat Q2 results and raised its full-year guidance. At the same time, Netflix Inc (NFLX) plunged more than -8% after the streaming video company reported weaker-than-expected Q2 revenue and issued disappointing Q3 revenue guidance. Also, Tesla Inc (TSLA) tumbled over -9% and was the top percentage loser on the tech-heavy Nasdaq 100 after the electric-car maker’s gross margins shrank to a four-year low in Q2 and CEO Elon Musk indicated the possibility of price cuts during “turbulent times.” In addition, semiconductor stocks lost ground after Taiwan Semiconductor Manufacturing Co. cut its 2023 revenue outlook, with Applied Materials (AMAT) and Advanced Micro Devices (AMD) dropping more than -5%.
