S&P 500 rebounds as traders rush to buy stocks after the recent pullback. Netflix, which is up by 7% in today’s trading session, is among the biggest gainers in the S&P 500 today.
Netflix gained strong upside momentum despite an earnings miss as the company added more subscribers than expected in the fourth quarter. Co-founder Reed Hastings will step down as chief executive, which was also interpreted as a bullish catalyst for Netflix stock.
Healthcare, real estate, and utilities stocks have found themselves under pressure in today’s trading session. The strong rebound in Treasury yields hurt the performance of safer, dividend-focused stocks.
NASDAQ rallied as traders focused on the strong performance of Netflix and Alphabet, which will cut 12,000 jobs.
Tesla , which is up by more than 3% today, has also provided material support to NASDAQ. Tesla stock is moving higher as traders bet that the company’s earnings report, which will be released on January 25, will beat market’s expectations.
The strong performance of the tech-heavy NASDAQ highlights the rising appetite for risk. The nearest material resistance level for NASDAQ is located at 11,600. If NASDAQ manages to settle above this level, it will move towards the next significant resistance at 11,800.
Dow Jones (US30)
Dow Jones is underperforming in today’s trading session. While Dow Jones managed to rebound from recent lows, it failed to gain material upside momentum.
Goldman Sachs, which remains under significant pressure, is the biggest loser in the Dow Jones today. American Express, Disney, and Salesforce are up by 3% in today’s trading session.
For a look at all of today’s economic events, check out our economic calendar.