Lately, the Nasdaq Composite (NASDAQINDEX: ^IXIC) has played a key role in determining the direction of the overall market. Yet on Thursday morning, the Nasdaq posted a much more significant decline than other major market benchmarks right after the opening bell. The Nasdaq's move lower of about half a percent stood in contrast to a higher open for the Dow Jones Industrials and a flattish performance for the S 500.
One reason the Nasdaq dropped so hard was that shares of both Tesla (NASDAQ: TSLA) and Netflix (NASDAQ: NFLX) fell after those companies reported their respective quarterly results. Both had positive things to say about their businesses, but expectations have been high, particularly after the two stocks rose so far in 2023. Below, you'll learn more about what was pushing both stocks lower early Thursday.
Shares of Tesla dropped 4% shortly after the open Thursday morning. The electric vehicle maker's second-quarter financial results showed significant sales growth but raised some questions about what future profit margins could look like.
Source Fool.com