Wall Street’s key index fell on Friday, with Nasdaq falling for the fourth straight day after weak forecasts from Netflix plunged stocks alongside other streaming companies.
Netflix then plummeted 21.6% Missing market forecast for new subscribers The outlook is sluggish at the end of last year and early 2022.
Other technology and media companies such as Disney, ViacomCBS, and Roku, which are heavily invested in streaming, also fell between 4.7% and 5.0%.
Seven of the 11 major S & P 500 sectors fell, and telecommunications services fell 2.1% at their lowest in eight months.
Analysts on Thursday questioned the outlook for popular businesses in the pandemic market, such as Netflix and Peloton Interactive.
However, Peloton’s share price bounced back from the fall of the previous day, jumping 11.5% from the CEO. Rejected report Exercise bike maker stopped some production and raised its earnings forecast for the second quarter.
“The pandemic winner is under pressure and will probably continue,” said John Lynch, Chief Investment Officer of Comerica Wealth Management in Charlotte, North Carolina.
“Probably investor expectations were a little higher.”
Megacap growth companies such as Microsoft, Tesla and Apple will report the results next week.
Wall Street’s major index has tracked a decline for at least three consecutive weeks, and the Nasdaq Composite has been set to the worst week since March 2020. area.
The tech index was under pressure after the Treasury’s rising yields and expectations of a more aggressive Federal Reserve in controlling inflation hit growth stocks.
Chris Bochamp, chief market analyst for online trading, said, “Sales seem to be slowing so far, but the prospect of a week being filled with big earnings and important Fed meetings hastened the dip. It means that you may never buy it. ” Platform IG.
At 11:56 am ET, the Dow Jones Industrial Average fell 82.19 points (0.24%) at 34,633.20, the S & P 500 fell 28.02 points (0.63%) at 4,454.71, and the Nasdaq Composite Index fell 150.30 points (1.06%). Did. , 14,003.72.
A single stock option totaling about $ 1.28 trillion will expire, causing market spikes and potentially affecting stocks with very large call positions like Apple and Tesla.
Bitcoin plunges, tracking other higher-risk assets and Russia’s proposal to ban the use and mining of cryptocurrencies, reducing crypto-linked stocks such as Hut 8 Mining and Coinbase Global by more than 10% I did.
With a ratio of 1.91 to 1 on the New York Stock Exchange and a ratio of 2.14 to 1 on Nasdaq, the decline in issuance outpaced the starting lineup.
The S & P index recorded five new 52-week highs and 22 new lows, and Nasdaq recorded 10 new highs and 914 new lows.
Nasdaq has fallen for the fourth straight day as Netflix plunges 22%
Source link Nasdaq has fallen for the fourth straight day as Netflix plunges 22%