This is the most successful series in almost 6 years. Shares of JNJ helped demonstrate it to the US30 index, which rose by 6% after a strong report — J&J's profit and revenue turned out to be higher than expected. Sales worldwide grew by 6.3% in annual terms.
Unusually for 2023, the Dow Jones US30 is now acting stronger than the Nasdaq 100 technology stock index.
E-mini Nasdaq 100 futures are down almost 3% from a week high, driven by weak Netflix reports (reported yesterday) and a sharp drop in TSLA stock price (-9.7% per session) after a disappointing report. Investors are worried about Tesla's lower margins due to lower model prices, as well as a projected third-quarter production slowdown due to factory upgrades. At the same time, Musk remains optimistic and calls for looking at the bigger picture; in his opinion, the key to future profits will be fully autonomous driving.
The weakening of the Nasdaq 100 amid the bullish behavior of the Dow Jones US30 index suggests that a correction has begun in technology stocks, which is overdue due to the AI-related boom. How true this assumption is, it will be more clear after the reports of Microsoft (July 25), Apple (August 3), Google (July 25).
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