Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US, July 19, 2022.
Brendan McDermid | Reuters
Here are the most important news that investors need to start their trading day:
Stock futures fell on Wednesday morning After a strong close on Tuesday, the major US indices. Earnings came in considerably stronger than expected, or at least not as bad as it could have been, given inflationary pressures on US consumers. Netflix, for example, easily beat its low expectations of subscriber losses in its most recent quarter. (Read more about that below.) But there are still plenty of earnings reports to come out over the next few weeks, and there is still a great deal of uncertainty due to Russia’s war in Ukraine. Including earnings on tap for Wednesday Tesla And the United Airlines after the bell.
Image from “Stranger Things” on Netflix.
Speaking of not bad, Netflix results managed it Excite investors enough To send the stock higher in non-trading hours though miss out on revenue And the second consecutive quarter of subscribers losses. The company warned that it could lose two million paying customers in the second quarter. Instead, it’s likely due in large part to the popularity of “Stranger Things,” that it only lost close to a million people. Netflix also said it expects to add a net million in the current quarter, which is less than Wall Street had been looking for. However, the company gave investors more clarity about its plans to offer a cheaper, ad-supported layer and how it aims to crack down on password sharing.
A ‘For Sale’ sign hangs in front of a house on June 21, 2022 in Miami, Florida. According to the National Association of Realtors, existing home sales fell 3.4% to a seasonally adjusted annual rate of 5.41 million units. Sales were 8.6% lower than in May 2021. With existing home sales down, the median price of a home sold in May was $407,600, an increase of 14.8% from May 2021.
Joe Riddell | Getty Images
Demand for Mortgages It fell to its lowest point in 22 years last week, according to new data Wednesday from the Mortgage Bankers Association. Week after week, applications for mortgages to buy a home are down 7%, and they are 19% lower than the same week in 2021. Home prices have already been very high this year. But potential buyers still have low mortgage rates on their side. Borrowing costs for homebuyers then inflated after inflation became raging and the Federal Reserve started raising interest rates to tame high prices. Another rate hike is likely next week as well, as central bank policy makers lean towards 75 basis points.
In this illustration, a silhouette of a man holding a medical syringe and vial is seen in front of the Novavax logo on display.
Cesare Kowalski | Light Rocket | Getty Images
Novavax Stocks in the pre-market session slightly extended their big gains from Tuesday, when the Centers for Disease Control and Prevention Approved the company’s Covid vaccine for adults. It joins footage from Pfizer, Moderna and Johnson & Johnson, which have been widely available since last year. More than 75% of adults in the United States are now vaccinated against the disease, which has killed more than 1 million people in the United States, and infected millions more. The CDC hopes that the Novavax vaccine, which uses a more traditional technology that has been in use for three decades, will convince skeptics to get the vaccine.
The Royal Caribbean Cruises ship is seen at anchor in Bayonne, New Jersey, United States, August 21, 2021.
Andrew Kelly | Reuters
In other CDC newsThe government agency has dropped the cruise industry’s Covid program. The programme, which became voluntary earlier, required that all passengers be tested, with vaccinations encouraged for staff and passengers. News sent cruise lines shares carnivalAnd the Royal Caribbean And the Norwegian Tuesday High. “We believe today’s news will give cruise operators more flexibility about including younger individuals,” said one of the analysts at Stifel.
CNBC’s Carmen Renick, Sarah Witten, Alex Sherman, Diana Olick, Spencer Kimball and Jack Stebbins contributed to this article.
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