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US stocks close sharply higher

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NASDAQ and S&P declines from yesterday

Highlights for the day include:

  • NASDAQ has its best day in more than two months
  • NASDAQ snapped a five day decline
  • Nasdaq 67 new highs but 76 new lows which is diverging.
  • S&P higher for the first time in four sessions
  • S&P has its best day in four months
  • S&P, Dow, NASDAQ all less than 2% from all-time highs
  • Russell 2000 has its best day since January 2021

The final numbers are showing:

  • S&P index rose 64.71 points or 1.52% at 4323.20 . The gain today nearly erased the -68.65 point decline yesterday. 
  • NASDAQ index rose 223.89 points or 1.57% at 14498.88. It’s gain today erased a -152.25 point decline yesterday
  • Dow rose 549.95 points or 1.62% at 34511.99 you.  The gain today fell short of the -725.81 point decline yesterday.

The NASDAQ index moved up to test its 50 hour and 100 hour moving averages between 14556.90 and 14569.91. The high price reached 14555.70 and backed off into the close.

NASDAQ index tested its 50 and 100 hour moving averages

For the S&P index, the index reached up toward its 100 hour moving average and like the NASDAQ index, backed off into the close. 

S&P index tested its 100 hour moving average

After the close, Netflix earnings came out:

  • Q2 subscribers came in at 1.54M vs estimates of 1.19M
  • earnings-per-share came in at $2.97 versus estimates of around $3.16
  • revenues came in at $7.34 billion versus $7.32 billion estimate

In the Q3, they see 

  • net subscriber additions of 3.5 million. That is 2 million below the 5.5 million estimate
  • EPS of $2.55 versus $2.17 estimate
  • revenues of $7.48 billion versus estimates of around $7.48 billion

The shares of Netflix are down around $18 or -3.4% at $512.76.

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