"All with Tesla ( NASDAQ: TSLA) and IBM ( NYSE: IBM) dropping on earnings and trade war concerns. Tesla, down about 4% in premarket, missed on earnings, with EPS of 50 cents missing by six cents. Revenue of $28.09 billion, up 11.6% year over year, did beat by $1.39 billion. Meanwhile, IBM, down nearly 8% in premarket, is pulling back after reporting in-line software revenue. Despite that one number, IBM still beat Wall Street estimates."
""All assets in the US belonging to the two fossil fuel firms have been frozen and American companies and individuals will be barred from doing business with them. The US is also threatening secondary sanctions on foreign financial institutions that do business with Rosneft and Lukoil, which could include banks that facilitate sales of Russian oil in China, India and Turkey.""
"President Trump said that his upcoming meeting with China's President is scheduled, which does ease some trade war fears. However, Treasury Secretary Scott Bessent said the White House is considering plans to curb exports to China made with U.S. software. That builds on Trump's statement that the U.S. will implement export restrictions by November 1 or any and all critical software."
Markets are down this morning with major indices falling despite recent record highs. Tesla shares slipped about 4% in premarket after missing EPS estimates of 50 cents by six cents, although revenue rose 11.6% year over year to $28.09 billion and beat expectations by $1.39 billion. IBM shares dropped nearly 8% in premarket while pulling back after reporting in-line software revenue despite beating overall estimates. Crude oil jumped about $2.86 to $61.36 following new U.S. sanctions on Rosneft and Lukoil. The White House is considering export curbs to China involving U.S. software, and quantum computing stocks are rallying.
#stock-market #earnings #russian-oil-sanctions #us-china-trade-restrictions #quantum-computing-stocks
Read at 24/7 Wall St.
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