Powell's speech, Netflix, Tesla - what's moving markets
Investing.com -- Fed chair Jerome Powell is set to speak later in the session, while Wall Street indices are set to open lower after bond yields rose to record levels.The earnings season continues in full flow, with Netflix and Tesla in the spotlight after releasing results after Wednesday's close.
The major indices closed lower Wednesday, weighed by escalating tensions in the Middle East and worries over elevated bond yields, with the benchmark 10-year Treasury yield climbing to its highest level since mid-2007. These gains represented its strongest quarterly uptick since the second quarter of 2020, in the early days of the global pandemic.
Tesla, on the other hand, disappointed with its quarterly results as its recent wave of electric vehicle price cuts weighed on margins. Its stock fell over 4% premarket. Tesla was also cautious about expanding electric vehicle production capacity, with CEO Elon Musk saying he was worried that higher borrowing costs would prevent potential customers from affording its vehicles despite substantial price cuts.So far, admittedly very early in the season, 83% of companies have so far topped earnings expectations, while about 70% have surpassed sales estimates, according to FactSet data.
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