Netflix torpedoes Nasdaq, S&P while Dow adds 250 points
Elon Musk's Tesla reports after the bell
Markets will go ‘a lot’ higher: Expert
Payne Capital Management President Ryan Payne discusses the markets and economy.
U.S. stocks ended mixed Wednesday as investors digested the ongoing earnings season, including a disappointing quarter from Netflix.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 96.79 | -3.45 | -3.44% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23545.903676 | -32.22 | -0.14% |
Shares of the streaming giant tanked 35%, infecting the Nasdaq Composite to the tune of 1.2%. Netflix reported its first loss in worldwide subscribers in its history. The company’s customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday. Netflix said it expects to lose another 2 million subscribers in April-June.
The S&P 500 also dipped 0.06%, giving up earlier gains as other streaming stocks fell in sympathy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 6846.51 | -23.89 | -0.35% |
| DIS | THE WALT DISNEY CO. | 105.30 | -0.17 | -0.16% |
| ROKU | ROKU INC. | 101.70 | +1.61 | +1.61% |
| WBD | WARNER BROS. DISCOVERY INC. | 27.23 | +1.15 | +4.41% |
Elsewhere, the Dow Jones Industrial Average added 250 points, helped by positive results from IBM after it reported a solid quarter and delivered a positive forecast as its cloud business grows.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| IBM | INTERNATIONAL BUSINESS MACHINES CORP. | 309.18 | +1.24 | +0.40% |
Traders work on the floor of the New York Stock Exchange in New York City. (REUTERS/Brendan McDermid / Reuters Photos)
Procter and Gamble shares ticked higher after raising its full-year sales forecast as consumers continued to buy even amid higher inflation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PG | PROCTER & GAMBLE CO. | 138.34 | -5.11 | -3.56% |
CLICK HERE TO READ MORE ON FOX BUSINESS
In the afternoon, the focus will be on Tesla. The EV maker and renewable energy powerhouse is expected to say first-quarter EPS more than doubled to $2.26 on a 71% surge in revenue to $17.80 billion. Other companies reporting include United Airlines and chip equipment maker Lam Research.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 439.58 | -15.42 | -3.39% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 104.50 | -0.45 | -0.43% |
| LAM | NO DATA AVAILABLE | - | - | - |
RUSSIA INVADES UKRAINE: LIVE UPDATES
In commodities, oil prices gained slightly, hitting $102.75, while Brent futures rose settled at $106.80.
An oil rig drilling a well owned by Parsley Energy Inc. near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)
LABOR AND CEMENT SHORTAGE CAUSING ‘PERFECT STORM,’ INDUSTRY EXPERT WARNS
On the economic docket, The National Association of Realtors reported sales of existing homes sold at a 5.77 million annual rate, the lowest since June 2020. Average prices, however, remain firm up 15% annually to a record $375,300.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TOL | TOLL BROTHERS INC. | 136.20 | -2.74 | -1.97% |
| LEN | LENNAR CORP. | 120.71 | -3.20 | -2.58% |
| DHI | D.R. HORTON INC. | 152.43 | -6.19 | -3.90% |
| MTG | MGIC INVESTMENT CORP. | 27.75 | -0.24 | -0.86% |
Bitcoin traded around $41,000.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business' Ken Martin and The Associated Press contributed to this report.