US30 Dow Jones Index Rises for 9 Sessions in a Row
This is the most successful series in almost 6 years. Shares of JNJ helped demonstrate it to the US30 index, which rose by 6% after a strong report — J&J's profit and revenue turned out to be higher than expected. Sales worldwide grew by 6.3% in annual terms.
Unusually for 2023, the Dow Jones US30 is now acting stronger than the Nasdaq 100 technology stock index.
E-mini Nasdaq 100 futures are down almost 3% from a week high, driven by weak Netflix reports (reported yesterday) and a sharp drop in TSLA stock price (-9.7% per session) after a disappointing report. Investors are worried about Tesla's lower margins due to lower model prices, as well as a projected third-quarter production slowdown due to factory upgrades. At the same time, Musk remains optimistic and calls for looking at the bigger picture; in his opinion, the key to future profits will be fully autonomous driving.
The weakening of the Nasdaq 100 amid the bullish behavior of the Dow Jones US30 index suggests that a correction has begun in technology stocks, which is overdue due to the AI-related boom. How true this assumption is, it will be more clear after the reports of Microsoft (July 25), Apple (August 3), Google (July 25).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Unusually for 2023, the Dow Jones US30 is now acting stronger than the Nasdaq 100 technology stock index.
E-mini Nasdaq 100 futures are down almost 3% from a week high, driven by weak Netflix reports (reported yesterday) and a sharp drop in TSLA stock price (-9.7% per session) after a disappointing report. Investors are worried about Tesla's lower margins due to lower model prices, as well as a projected third-quarter production slowdown due to factory upgrades. At the same time, Musk remains optimistic and calls for looking at the bigger picture; in his opinion, the key to future profits will be fully autonomous driving.
The weakening of the Nasdaq 100 amid the bullish behavior of the Dow Jones US30 index suggests that a correction has begun in technology stocks, which is overdue due to the AI-related boom. How true this assumption is, it will be more clear after the reports of Microsoft (July 25), Apple (August 3), Google (July 25).
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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