Reply To: Traders Market Weekly: Record Highs with Netflix, PCE & Tesla Risk

#70281
Truman
Participant

Morning Market
Dow 37476.42 -116.56 (-0.31%)
Nasdaq 14996.31 +23.55 (0.16%)
SP 500 4780.19 -3.64 (-0.08%)
10-yr Note -4/32 3.994
NYSE Adv 752 Dec 1990 Vol 199 mln
Nasdaq Adv 1276 Dec 2871 Vol 2.1 bln

Industry Watch
Strong: —
Weak: Energy, Materials, Financials, Industrials, Real Estate

Moving the Market
— Hesitation from buyers with earnings season looming and the S&P 500 and Dow Jones Industrial Average sitting near all-time highs
— Rising market rates; 10-yr yield sitting near 4.00%
— Gains in mega cap stocks propelling upside moves for the major indices
— Digesting earnings results from Goldman Sachs (GS) and Morgan Stanley (MS)

Bank stocks underperform; GS going against the grain

Meanwhile, bank stocks are relative underperformers after the latest batch of earnings news.
The SPDR S&P Bank ETF (KBE) is down 1.0% and the SPDR S&P Regional Banking ETF (KRE) is down 1.1%.
Goldman Sachs (GS 384.58, +6.31, +1.7%) is going against the grain after beating earnings and revenue estimates
Morgan Stanley (MS 86.49, -3.20, -3.6%) PNC (PNC 147.95, -0.95, -0.7%) trade down following their quarterly results.

Alphabet (GOOG 144.98, +0.75, +0.5%), Microsoft (MSFT 391.49, +3.03, +0.8%), Tesla (TSLA 221.92, +3.00, +1.4%), NVIDIA (NVDA 558.67, +11.58, +2.2%) are all trading up.

Shares of TSLA had been down as much as 3.1% this morning after CEO Elon Musk said he is uncomfortable making Tesla a leader in AI without having ~25% voting control, and shares of GOOG had been down as much as 0.6% earlier. Meanwhile, MSFT and NVDA have extended early gains.