US Open – Netflix misses, Iran seizes a vessel, Silver gains on gold, Bitcoin eyes $10,000

Jul 18 15:07 2019 Print This Article

As earnings season picks up, the majority of early corporate profit reports are coming in better than expected, but US stock index futures are being weighed down on faltering trade talks between the US and China.  President Trump reiterates his complaint that his Chinese counterpart is not delivering on a promise to buy more agricultural products.  China is frustrated that the US is not delivering any substantial progress with the easing of restrictions on technology giant Huawei.

It appears both sides are still playing chicken and that expectations will continue to dwindle that we will see a trade deal done this year.

Last night, Netflix delivered a huge subscriber growth miss both internationally and domestically.  Netflix lost customers in the second quarter in what was their worst performance in eight years.  Rising competition from Disney and Comcast will make the road ahead harder for the streaming giant.  Netflix is calling for a huge third quarter rebound, but if skepticism grows for next quarter, we could see traders kick them out of their FAANG stocks holdings.

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