Market Analysis: Wall Street Awaits Earnings from Tesla and Netflix

<img src="https://fxopen.com/blog/en/content/images/2023/10/spx500.jpg" alt="Market Analysis: Wall Street Awaits Earnings from Tesla and Netflix" /><p>According to Yahoo Finance, the third-quarter earnings season started well despite the uncertain macroeconomic environment.</p><p>Already, 32 companies in the S&amp;P 500 have reported earnings, according to Bank of America Research&apos;s equity strategy group. Moreover:<br>&#x2192; actual earnings per share exceeded Wall Street expectations by an average of 9%;<br>&#x2192; EPS increased 1% compared to the same quarter last year, which is a positive sign.</p><p>This week&apos;s headliners could be reports from Tesla and Netflix, which are important components of the S&amp;P 500 and Nasdaq indices.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/172.png" alt="Market Analysis: Wall Street Awaits Earnings from Tesla and Netflix" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/172.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/172.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/172.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/172.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Meanwhile, the S&amp;P 500 Index chart shows its price:<br>&#x2192; pushed off from the lower border of the ascending channel;<br>&#x2192; has already exceeded the median line of the descending channel.</p><p>So the decline, which has been going on since early August, could become a technical correction as part of a longer-term rally. Barriers to its resumption may be:<br>&#x2192; upper boundary of the downward channel;<br>&#x2192; level 4,440, which served as support, but was broken by a strong bearish impulse on September 20-21.</p><p>Are bulls up to this task? If the news from Tesla and Netflix (expected tomorrow) turns out to be positive, it will help a good earnings season and a corresponding rise in the S&amp;P 500 index amid global tensions.</p>