By Christiana Sciaudone
Investing.com -- Markets sagged as tech stocks underperformed and Netflix (NASDAQ:NFLX), in particular, completely disappointed investors.
Gold prices lost nearly 1% on Thursday and fell below the key $1,800 support, despite worsening U.S.-China relations.
Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) posting better-than-expected earnings, with shares up 2.5% and down 2.7%, respectively. Both banks flagged an increase in loan loss provisions to protect against a wave of potential client defaults. Johnson & Johnson (NYSE:JNJ) also topped estimates as growth in its pharmaceutical business softened the blow from coronavirus-led disruptions.
Earnings Friday will include BlackRock (NYSE:BLK) and State Street .
Here are three things that may move markets tomorrow:
1. Time to stream and chill… maybe not on Netflix
Netflix plummeted post-market after reporting results that made no one happy. Earnings per share of $1.59 missed the expected $1.82, according to data compiled by Investing.com. Though revenue came in at $6.15 billion versus $6.09 billion, the streaming giant forecast less growth for the second half of 2020 after seeing significant adds in the first part of the year. Net additions for the third quarter are expected to increase by 2.5 million versus 10 million in the second quarter.
Netflix also said Chief content Officer Ted Sarandos would join Reed Hastings as co-CEO.
2. Stuck at home? Get a new one
Housing starts probably rose to 1.1 million in June after increasing slightly in May totaling 974,000, from the prior month. Building permits are also expected to have jumped to 1.29 million from 1.216 million a month earlier. Homebuilder Taylor Morrison (NYSE:TMHC) reported that June was its best sales month in company history.
The University of Michigan Consumer Sentiment Index may rise to 79 from 78.1 two weeks ago and 72 a month earlier.
3. More financials on the horizon
BlackRock reports earnings, and analysts forecast earnings per share of $6.89 compared to $6.41 a year earlier. Revenue of $3.55 billion would compare to $3.52 billion for the same period in 2019.
State Street Corp (NYSE:STT). also reports on Friday, with earnings per share expected at $1.59 compared to $1.45 a year earlier. Revenue is forecast to come in at $2.86 billion versus $2.87 billion in 2019.
Finally, Citizens Financial (NYSE:CFG) is expected to report earnings per share of 9 cents compared to 95 cents in the previous period a year earlier. Sales are expected to bump up slightly to $1.67 billion from $1.63 billion.