Tesla shares hit new 52-week lows on Monday, a day ahead of earnings. The stock has been facing heavy selling pressure in recent months due to waning EV demand trends. The EV maker has reported weak quarterly results in two straight quarters and many analysts are concerned the company will turn in disappointing results after the bell.
The mood on Wall Street turned tentative on Tuesday as investors awaited earnings reports from the “Magnificent 7,” companies that fueled much of the market’s upside since 2023. Index futures rose slightly in early trading. Asian markets closed mostly higher, while European markets started on a firmer footing. Commodities pulled back, and bond yields held steady.
Microsoft Corp. (NYSE: MSFT) will report its fiscal Q3 2024 earnings, with analysts expecting $2.83 EPS and $60.769B revenue. Goldman Sachs has a $450 price target and calls Microsoft one of the most compelling investment opportunities in the tech industry.