Anticipated Market Moves for the Week of April 22, 2024

Review the top stocks with earnings reports this week

Last updated: April 22, 2024

Author: Nathan Nobert

This week has some big players with earnings reports, as the market came off a major pullback last week. With companies like $TSLA, $META, $BA, and $SPOT on the hot seat, we expect large volatility on not only these stocks, but the market at large. Lets dive into what to expect this week on some of these companies in detail.

Some key companies and their earnings dates this week include:

  • Monday, April 22: $VZ
  • Tuesday, April 23: $V, $TSLA, $GM, $PEP, $SPOT, $UPS
  • Wednesday, April 24: $META, $F, $BA
  • Thursday, April 25: $MSFT, $SNAP
  • Friday, April 26: $XOM

Lets look at some of the bigger players this week. This analysis will be from a higher level, and will not cover all the details of the companies. We will be identifying any large trends visible, and discussing potential reasons for large movements. For more in-depth information, please visit the company's website or financial reports.

$SPOT Spotify - The Music Streaming Leader

Spotify weekly candlestick chart

Spotify has been generally on a strong rally over the past year. With a 52w low of ~$131.57, a high of $310.31, and a market cap of $60B, they are looking to continue this period of strong growth. Spotify has potential to use their large customer base to leverage new products and services, and has been a leader in the music streaming industry. With Artificial Intelligence being pushed, Spotify has been able to leverage this technology to provide better music recommendations to their users.

When analyzing some key levels of support and resistance, we can see that this earnings comes right at a time where Spotify has recently broken above a level of resistance, and bounced back to that level. If the markets reaction to earnings is positive, we could see a strong rally to the upside. If the market reacts negatively, we could see a retest of the support level.

$TSLA Tesla - The EV Leader

Tesla weekly candlestick chart

Tesla, one of the Magnificent 7 stocks, has been through a rough year. With a 52w low of ~$142, their current price, a high of $293.34, and a market cap of $460B, they are looking to break out of the slumps. Tesla's stock has not had a very positive response to the Cybertruck, as most consumers just aren't looking for a vehicle in that form. They have mentioned they are focusing on their Robo-Taxi, and should probably go back to providing affordable vehicles for the masses.

By analyzing the downward sloped levels of support and resistance, we can see that Tesla has been in a downtrend for the past few months. With earnings coming up, and Tesla's stock nearing some very low levels, the market is waiting for something to move the stock to the upside. However if the market reacts poorly, we could see a new low for Tesla breaking down to the sub $100 level. Tesla will need to have some big news to convince investors that they are not falling behind.

$MSFT Microsoft - The Corporate Powerhouse

Microsoft weekly candlestick chart

Microsoft, one of the Magnificent 7 stocks, and the largest company in the world by market cap at over $3T, has been on a strong rally over the past year. With a 52w gain of nearly 50%, Microsoft has been taking the AI race for businesses by storm. Analysts are very much expecting Microsoft to beat earnings and continue their insane growth.

Analyzing the candlestick charts at large does show that Microsoft is entering a state that they haven't been in before. By reaching all time highs, expectations couldn't be higher, and volatility will be high. A pullback would not be un-expected, and for some investors would be considered healthy. However, if Microsoft can continue to beat earnings, we could see a rally to newer highs.

$BA Microsoft - The Corporate Powerhouse

Boeing weekly candlestick chart

Boeing, one of the worlds largest aerospace companies, has been on a rollercoaster ride over the past year. With a 52w low of ~$167, a high of $264, and a market cap of $103B, they are looking to bounce off and take to the upside. Boeing is not only a leader in the aerospace industry, but also in the defense industry, and with wars at the forefront of the news, Boeing has been able to leverage this to their advantage. While the public sector hasn't been so kind to Boeing with news of peices falling off planes, the defense sector holds them strong.

Overall, Beoing has been in a long stage of consolidation with no huge breaks either way. With earnings coming up, and the market in a state of uncertainty, we could see a large break either way. If Boeing can beat earnings, we could see a strong rally to the upside. If they miss earnings, we could see a large break to the downside.

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