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19/07/24
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Wall Street Lower; Netflix Higher After Update
On Friday, Wall Street slipped down at the end of a week that saw a wide rotation out of heavyweight tech stocks.
The NASDAQ Composite fell just 3 points or 0.1%, the S&P 500 traded largely unchanged and the Dow Jones Industrial Average fell 175 points or 0.4%.
Market rotation seemed to be a major theme of the week, with the DJIA up 1.7%, the S&P 500 1.3% down, and the tech-dominated Nasdaq down nearly 3%.
Sentiment is still fragile although this was helped by solid earnings from Netflix, while U.S. political uncertainty weighed amid growing pressure for President Joe Biden to withdraw from the election.
Streaming giant Netflix stock was 2% higher after it reported stronger-than-expected results for the second quarter due to blowout subscriber increases, driven by an ongoing crackdown on password sharing and a strong content offering.
The focus next week will stay on the tech sector, with Tesla, Alphabet, and Microsoft all due to report on Tuesday.
The two internet giants will likely offer more clues on AI after a huge valuation spike during the past year, while Tesla will be in focus to evaluate how the electric car maker is handling this year’s steep drop in sales.
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