Demand Imbalance Arbitrage

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Mixed Activity in Bond and Equity Markets; Tesla to Report Earnings After Close


Bond markets saw some mixed activity on Wednesday, as the 10-year Treasury yield inched down 1 basis point to 3.46%, after falling five basis points to 3.46% earlier in the day. Meanwhile, the 2-year yield (US2Y) dipped almost 3 basis points to 4.22%.[0]

In the stock market, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 index finished just below break-even.[1] The Nasdaq composite declined 0.3%, and the small-cap Russell 2000 gave up 0.25%. Shares of water technology company Xylem fell 8.2% on news that it is acquiring rival Evoqua Water Technologies.[2]

At the conclusion of the trading day, Tesla (TSLA) will be announcing its quarterly results.[3] Analysts are predicting an increase of 33% in earnings to $1.13 per share and a 39% rise in revenue to $24.67 billion.[4]

In early trading, Dow Jones futures dropped 0.50%, while S&P 500 futures traded 0.69% lower and Nasdaq 100 futures retreated 1.17%.[5] At 9:45 a.m. EST, the Dow Jones Industrial Average (DJIA) slid 0.7%, the S&P 500 (SPX) dropped 1.03%, and the Nasdaq 100 (NDX) retreated 1.68%.

The tech-heavy Nasdaq Composite (COMP.IND) fell 0.33% to 11,296.90 points, having fallen more than 2% earlier. The S&P 500 (SP500) decreased by 0.19% to 4,009.32 points[6] Into the final hour of trading, the Dow Jones Industrial Average (DJIA) fell 1%, the S&P 500 (SPX) dropped 1.1%, and the Nasdaq 100 (NDX) retreated 1.5%.

At the opening of trading, equity markets were in the negative after the newest corporate financial documents were released by some of the most significant companies in the world, including Microsoft.[7] Gold and silver prices were down between 0.43% and 0.72%, and the cryptocurrency economy dropped 2.79% against the U.S. dollar in the past 24 hours.[7] Focus is now expected to turn to Tesla, Inc. (NASDAQ:TSLA), which will publish its latest quarterly earnings after markets close.[8]

0. “Dow, S&P 500, Nasdaq finish mixed as earnings season picks up steam” Seeking Alpha, 24 Jan. 2023,

1. “Stock Rally Hits a Wall; QQQ Gains in Late Trading: Markets Wrap” Yahoo News, 24 Jan. 2023,

2. “Nasdaq jumps 2%, Dow closes 250 points higher as investors weigh Fed rate path” CNBC, 23 Jan. 2023,

3. “6 stocks to watch on Wednesday: Microsoft, AT&T, Capital One and more (NASDAQ:MSFT)” Seeking Alpha, 25 Jan. 2023,

4. “Nasdaq Slides 2% As Microsoft, Other Earnings Hurt Stock Market” Investor’s Business Daily, 25 Jan. 2023,

5. “Nasdaq Futures Slump As Microsoft’s Outlook Dampens Tech Recovery Hopes — Analyst Warns Of More Bumpiness” Benzinga, 25 Jan. 2023,

6. “Nasdaq, S&P, Dow retreat as Microsoft, Boeing fall after results” Seeking Alpha, 25 Jan. 2023,

7. “Crypto, Equity, Metal Markets Plunge as Tech Earnings Disappoint and US Economic Weakness Deepens – Market …” Bitcoin News, 25 Jan. 2023,

8. “U.S. stock futures fall amid slew of fresh corporate earnings By”, 25 Jan. 2023,

Forecast Future Price Action

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