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.

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  • robot1234
    2022-01-22
    robot1234
    IMF chief says Fed rate hike could ‘throw cold water’ on global recovery. Speaking at The Davos Agenda Friday, Kristalina Georgieva said an increase in U.S. rates could have significant implications for countries with higher levels of dollar-dominated debt.“2022 is like navigating an obstacle course,” she said, given risks such as rising inflation, the Covid-19 pandemic and high debt levels.
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