April 20 (Reuters)-Investors were afraid that investors could face similar post-pandemic performance issues, a reduction in subscriber Netflix surprises streaming giants and other highs High-tech heavyweight Nasdaq fell on Wednesday as it weighed heavily on both growing companies.
In contrast, the Dow Jones Industrial Average was driven to the second highest closing price by positive earnings from consumer giant Procter & Gamble (PG.N) and IT company IBM Corp (IBM.N). I did. Duos rose 2.7% and 7.1%, respectively.read more
Netflix Inc (NFLX.O) blames inflation, the Ukrainian war, and the decline of fierce competition for subscribers, predicting even more serious losses in the future, with a one-day decline of 35.1%, the largest in more than a decade. I made it plummet.read more
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The spillover effect was felt both by the name of the financial technology and by the companies whose fate appears to have been boosted by pandemic trends such as blockades.
Streaming peers Walt Disney (DIS.N), Roku (ROKU.O) and Warner Bros Discovery (WBD.O) all fell by more than 5.5%, but their darling at home, Zoom Video Communications (ZM.O). , Doordash (DASH.N) and Peloton Interactive (PTON.O) have confirmed that their share is between 6% and 11.3%.
Treasury suffering includes PayPal Holdings Inc (PYPL.O) and Block Inc (SQ.N), both down more than 8.5%. Marqeta Inc (MQ.O) and SoFi Technologies Inc (SOFI.O) decreased by 5.6% and 6.2%, respectively.
Jason Pride, Chief Investment Officer of Glenmede’s Private Wealth, said:
“I think the market is starting to understand it, and as we get older we will need to understand it.”
Market-leading technology and growth stocks struggled this year as investors are concerned that rising interest rates will weigh on future earnings. The Nasdaq has fallen nearly 14% so far this year, while the Benchmark S & P 500 has fallen 6.4%.
Overall, the earnings season is off to a good start. Of the 60 companies in the S & P 500 Index that have reported results so far, 80% exceeded profit expectations, according to Refinitiv data. Usually 66% is above the estimate.
The Dow Jones Industrial Average (.DJI) rose 249.59 points (0.71%) to 35,160.79, and the S & P 500 (.SPX) fell 2.76 points (0.06%) to 4,459.45, the Nasdaq Composite Index (.IXIC). ) Decreased by 166.59 points (166.59 points). Up to 1.22%, 13,453.07.
The telecommunications services sector (.SPLRCL) fell 4.1%, but was driven by the highest performing real estate index (.SPLRCR) since January 4, with eight of the 11 major S & P 500 sectors increasing. .. The Consumer Staple Benchmark (.SPLRCS) is just behind it, approaching the second straight record.
Meanwhile, the latest data points on the Fed’s monetary tightening plan were released in the afternoon.
The “Beige Book” shows that the U.S. economy expanded at a moderate pace from February to early April, and Federal Reserve Bank of San Francisco Governor Mary Daily said the case of a half-percentage rate hike next month was ” He said he believed it was “done.”read more
Yields on 10-year Treasuries fell to 2.85% after a fierce rally that approached the major 3% level early in the session.
Tesla Inc (TSLA.O) was down 5%, but was trading higher after recording record delivery and revenue growth in its first-quarter earnings post.read more
Investors were concerned about the ability of electric vehicle manufacturers to meet their ambitious 2022 delivery targets after Shanghai’s largest plant was closed as part of the city’s COVID-19 blockade.
United Airlines Holdings (UAL.O) rose 1.2% and the S & P 1500 Airline Index (.SPCOMAIR) advanced sixth in the last seven sessions. After reporting earnings after Closing Bell, United’s share price fell slightly.read more
Volume on the US exchange was 10.85 billion shares, compared to an average of 11.61 billion shares for all sessions over the last 20 trading days.
The S & P 500 posted 70 new 52-week highs and 3 new lows. The Nasdaq Composite recorded 88 new highs and 164 new lows.
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Reported by Bansari Mayur Kamdar, Sruthi Shankar, Amruta Khandekar in Bangalore and David French in New York. Edited by Marguerita Choy and Aditya Soni
Our Criteria: Thomson Reuters Trust Principles.
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