U.S. stocks opens lower, Netflix shares tumbles 21%

Tiger Newspress2022-01-21

Stocks moved lower on Friday as sharp losses in streaming giant Netflix’s stock dragged the Nasdaq Composite deeper into correction territory.

The Dow Jones Industrial Average fell by 60 points, or 0.2%. The S&P 500 lost 0.3%. Both the Dow and S&P 500 are on track for a third straight week of losses. The technology-focused Nasdaq Composite declined 0.5%, on track for its worst week since Oct. 2020.

Netflix’s disappointing quarterly report is the latest setback for technology investors. Shares of the streaming giant tumbled 21% on Friday after the company’s fourth-quarter earnings report showed a slowdown in subscriber growth. Its competitors shares also declined, with Dow component Disney, which operates the Disney+ streaming service, off 5%.

Peloton, meanwhile, plunged 23.9% during regular trading on Thursday after CNBC reported that the company is temporarily halting production of its fitness products. However, the maker of interactive fitness bicycles and treadmills saw shares rebound 7% on Friday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Road1Warrior
2022-01-23
Road1Warrior
Is it time to accumulates?
sh99
2022-01-23
sh99
mom
jojoc
2022-01-23
jojoc
Ok
Weeckee
2022-01-23
Weeckee
The show must go on
SSVC
2022-01-22
SSVC
K
Jess261
2022-01-22
Jess261
Okay

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