Netflix rallied beyond $368.87 for the first time in 9 months

Published: January 26 2023, 06:00 GMT+0

Netflix rallied beyond $368.87 for the first time in 9 months

After having closed Tuesday at $363.83, the streaming heavyweight rallied above $368.87 yesterday, for the first time in 9 months — gaining $4.13 — and closed at $367.96.

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 205,000.

Nevertheless, United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

A look at other communication services stocks also showed bullish price action as AT&T traded at $20.42 after closing yesterday's trading day at $19.16 (up 6.58%). T-Mobile traded at $148.07 after closing yesterday's trading day at $145.81 (up 1.55%).

While Netflix was bullish yesterday, the following communication services stocks underperformed: Alphabet closed at $96.73 (down 2.5%).

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Also worthy of note, today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. Today at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2.

Elsewhere, United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

The streaming company has managed to gain 23.35% so far this year despite trading at lows around $166.37 previously.

Back