US stock futures were flat on Friday as investors digested a slew of corporate earnings reports and the latest growth data from China. Netflix (NASDAQ: NFLX) posted strong quarterly earnings, reinforcing its focus on profitability over subscriber growth. Meanwhile, gold surged to record levels and Bitcoin gained, driven by demand for safe-haven assets.
Healthcare stocks faced heavy losses on Thursday, with Elevance Health tumbling after lowering its full-year profit forecast. Molina Healthcare (NYSE: MOH) and Centene Corp (NYSE: CNC) also declined. Conversely, chipmakers like Micron Technology (NASDAQ: MU) and Broadcom (NASDAQ: AVGO) saw gains after Taiwan Semiconductor Manufacturing’s upbeat results. However, weakness in CSX Corp (NASDAQ: CSX) and Lululemon Athletica (NASDAQ: LULU) tempered market sentiment. The S&P 500 closed slightly lower, while the Nasdaq inched higher, and the Dow rose by 161 points (0.4%).
Netflix’s Best Quarter Yet
Netflix exceeded Wall Street expectations with its most profitable quarter ever, earning $5.40 per share and generating $9.83 billion in revenue. Despite slower subscriber growth compared to last year, the company’s focus on profits paid off. Over half of new subscribers in regions offering an ad-supported tier opted for this plan, boosting revenue potential. Netflix also plans price hikes in Italy and Spain to sustain its upward momentum.
China’s Economic Challenges
China’s GDP grew by 4.6% in Q3, meeting expectations but falling short of last quarter’s 4.7% growth. Weak consumer spending, ongoing deflation, and a real estate market crisis continue to weigh on the economy. In response, the People’s Bank of China launched new lending programs to support equity markets, helping Chinese stocks rebound after an initial dip.
Record-Breaking Gold and Rising Bitcoin
Gold hit a new all-time high of $2,706 per troy ounce on Friday, buoyed by economic uncertainty and geopolitical tensions. Bitcoin also gained ground, reflecting its role as a hedge against risk in turbulent times.
Oil Prices Edge Higher
Oil prices rose slightly on Friday but are on track for their biggest weekly drop in over a month. Concerns about weak demand, particularly from China, weighed on the market. Both Brent crude and U.S. WTI crude saw modest gains of 0.3%.
Stay Engaged with OP Chat
Be sure to stay active in OP Chat to catch market-moving news and real-time updates. Congrats to those that played the OP Chat play yesterday which paid a quick easy 30% on WMT Puts.
Follow the valuable tradable plans and ideas shared by your fellow OP Members to refine your trading strategies.
And don’t miss out: there’s a HUGE OP Lotto tomorrow and a LIVE market analysis session next week!
If you want to get the plays of the day then signup for Gold, and get a FREE TRIALIf you want to get the plays of the day then signup for Gold, and get a FREE TRIAL
Responses