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. | 71.36 | -0.80 | -1.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 26936.036539 | -308.24 | -1.13% |
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 | 7706.03 | -58.61 | -0.75% |
| DIS | THE WALT DISNEY CO. | 103.46 | -0.36 | -0.35% |
| ROKU | ROKU INC. | 153.49 | -0.76 | -0.49% |
| WBD | DISCOVERY INC. | 30.76 | -0.07 | -0.23% |
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. | 232.84 | +1.46 | +0.63% |
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. | 147.44 | -0.77 | -0.52% |
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. | 380.12 | +1.22 | +0.32% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 110.72 | -4.49 | -3.90% |
| 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. | 135.27 | -2.30 | -1.67% |
| LEN | LENNAR CORP. | 81.52 | -1.54 | -1.85% |
| DHI | D.R. HORTON INC. | 140.17 | -3.94 | -2.73% |
| MTG | MGIC INVESTMENT CORP. | 29.30 | +0.01 | +0.03% |
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.