U.S stock market set to open slightly lower as Netflix result disappoint
Yesterday, Netflix reported a nearly 40% miss on the subscriber target. The analyst expects the company to add 6.2 million new subscriptions while the report shows 3.98 million subscriptions only. Netflix blamed the ongoing coronavirus which forced the company to delay the release of some big-name shows and films.
The market will continue to focus on shares that revolve around economic reopening. It seems the setback might be experienced by it too as coronavirus cases start to rise globally.
Asian & European Stock market
The Asian stock market continues lower today. Japan stock market down 591.83 points (-2.03%) to 28,508.55, China stock market flat -0.01 points (-0.00%) to 3,472.93 and Australia ASX 200 down 20.30 points (-0.29%) to 6,997.50. The European stock slightly higher. DAX Germany up 0.06%, UK FTSE up 0.27%, and Euro STOXX600 up 0.36%
Dow Jones Industrial Average (INDU)
DJIA index made a bearish close yesterday following the pullback in the technology sector. The index futures currently lower 15 points which indicate a flat opening. Traders will continue to apply the same strategy as before, waiting for a bearish pullback to enter long positions in the equity market near the DJIA support level. The support level to watch is 33,000 and 32,000 or the daily SMA 50 and 100.
Nordstrom Inc (JWN)
JWN share prices continue moving lower and it is trading near the daily SMA 100 also this year’s low. We think the share prices will bounce from the level and continue moving bullishly to print a new higher high. Traders could use the current level or the daily SMA 100 to enter long positions.
Workday Inc (WDAY)
WDAY share prices trend is bullish and each bearish correction is a chance for traders to enter long positions. Traders could enter long positions near the daily SMA 100 or the bottom trendline. There is a bearish trendline to watch for a possible bounce. If WDAY could breakout above it then the bullish trend is expected to continue.