OP Wire 7/19 (OP – Lite)

Netflix Net Adds Ahead, Revenue Guidance Cautious

Netflix’s second-quarter results exceeded expectations, fueled by a robust content slate and a crackdown on password sharing. The company reported earnings of $4.88 per share on revenue of $9.56 billion, beating estimates of $4.74 per share on $9.53 billion. Despite adding 8 million new users, Netflix’s third-quarter revenue guidance fell short at $9.37 billion versus the anticipated $9.81 billion. The stock remains largely unchanged premarket. Netflix is focusing on revenue growth, with its advertising business not expected to be a primary driver until 2026.

Futures Slip Amid a Weekly Rotation

U.S. stock futures edged lower Friday, following Thursday’s losses where the Dow Jones Industrial Average dropped over 500 points. The week shows a market rotation with the Nasdaq Composite down nearly 3%, the S&P 500 lower by 1.3%, and the DJIA up 1.7%. Earnings reports from American Express, Travelers, and Comerica are due today. Investors also await comments from Fed policymakers for monetary policy insights.

Trump Accepts Nomination as Biden Doubts Rise

Donald Trump accepted the Republican nomination for the 2024 presidential race at the GOP convention in Milwaukee, potentially setting up a rematch with President Joe Biden. Trump gained popularity following an assassination attempt, while Biden faces increasing calls to withdraw from the race due to concerns over his age and health. Analysts speculate Biden may drop out soon, with potential implications for the Senate and House.

CrowdStrike, Microsoft Suffer Major Outages

CrowdStrike and Microsoft faced significant outages Friday. CrowdStrike’s issue stemmed from a problematic update, which is now being rolled back. Microsoft’s Azure cloud and 365 services experienced disruptions due to a configuration change, affecting businesses globally.

Crude Heads for Weekly Loss

Crude prices declined Friday, with U.S. crude futures down 0.5% to $80.91 a barrel and Brent falling 0.3% to $84.89 a barrel. Both benchmarks are set for their second consecutive weekly loss, driven by a strong dollar and concerns over China’s economic performance. However, larger-than-expected declines in U.S. oil stockpiles helped limit the week’s losses.

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