Mid-East tensions, Chinese GDP, Netflix earnings - what's moving markets
Investing.com — U.S. President Joe Biden heads to Israel, while crude prices soar as a missile explosion on a Gaza hospital esclated tensions in the Middle East. The earnings season continues with results due from Netflix (NASDAQ:NFLX) and Tesla (NASDAQ:TSLA), while Chinese GDP expanded by more than expected in the third quarter.
U.S. President Joe Biden flies to Israel on Wednesday in an attempt to soothe heightened tensions in the region after a missile strike on a Gaza hospital killed hundreds of Palestinians.
Palestinian officials said an Israeli air strike hit the hospital, while Israel blamed the blast on a failed rocket launch by Palestinian militants. Both sides denied responsibility.
The news has inflamed an already tense situation and resulted in a planned summit between the U.S. president, Palestinian President Mahmoud Abbas and Egyptian President Abdel Fattah al-Sisi being cancelled.
Biden will meet Israeli Prime Minister Benjamin Netanyahu and the Israeli war cabinet later Wednesday, but it’s debatable what he can achieve given the circumstances.
Meanwhile, the United Nations Security Council is set to vote later Wednesday on a resolution that calls for humanitarian pauses in the conflict to allow humanitarian aid access to the Gaza Strip.
U.S. stock futures traded with minor losses Wednesday, as investors digested more quarterly corporate earnings.
At 05:00 ET (09:00 GMT), the Dow futures contract dropped 23 points or 0.1%, S&P 500 futures fell 7 points or 0.2%, and Nasdaq 100 futures dropped 40 points or 0.3%.
The major indices traded in a muted fashion Tuesday, but corporate results have generally been impressive at this early stage of the third quarter earnings season.
So far, 83% of companies have so
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