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Home»Business»Markets»Tesla Fails to Meet Expectations as Google’s Advertising Revenue Declines
Markets

Tesla Fails to Meet Expectations as Google’s Advertising Revenue Declines

News RoomBy News RoomJuly 24, 20240 ViewsNo Comments2 Mins Read
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Stocks were mostly flat on Tuesday, with small caps outperforming the broader market. The Russell 2000 ended the day higher by 1%, while other indices remained largely unchanged as investors waited for a busy week of earnings and economic data. Tesla reported earnings after the close, disappointing for the fourth consecutive time. Net income fell 45%, operating margins dropped, and sales fell short of expectations. The company attributed the lower-than-expected numbers to a price war among EV makers, causing Tesla’s shares to fall 8% in after-hours trading.

Google parent Alphabet also reported earnings, beating expectations on both the top and bottom lines. However, ad sales slowed, and the company announced that operating margins would be pressured in the third quarter due to investments in infrastructure and new hardware products. Other companies that reported after the close on Tuesday included Visa and Texas Instruments. Visa beat on earnings but missed on revenues, sending its stock lower by 3% premarket. Texas Instruments indicated that an inventory backlog was coming to an end, leading to slightly better-than-expected earnings and a 3% increase in premarket trading.

Economic data releases this week include existing and new home sales, manufacturing and services PMI, durable goods, and Personal Consumption Expenditures (PCE) Prices. The PCE Index, due out on Friday, is the report most investors are focused on as the Fed’s primary measure of inflation. Despite a lot of earnings reports to digest, the big names like Amazon, Apple, and Microsoft are yet to report this week. Market volatility is also being closely monitored, with the VIX increasing to 15.25 as S&P and Nasdaq futures drop in premarket trading. Investors are also anticipating President Biden’s first public appearance since dropping out of the election, though it is unlikely to have a significant impact on markets.

Kangen Water

While the market remains focused on earnings and economic data, investors are advised to stick to long-term objectives and investing plans. Tesla’s disappointing earnings, alongside Alphabet’s mixed results and slowing ad sales, reflect the challenges faced by companies in a competitive market environment. With volatility on the rise and major tech companies yet to report earnings, the week ahead remains crucial for market direction. President Biden’s upcoming public appearance adds an element of uncertainty, highlighting the unpredictable nature of the current election cycle. Investors are encouraged to stay informed and prepared for potential market fluctuations.

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