New York stocks end lower on Netflix’s poor performance… Nasdaq 2.7%↓

The New York Stock Exchange ended lower.

In the New York Stock Exchange on the 21st (local time), the Dow closed at 34,265.37, down 450.02 points, or 1.30%, from the previous day.

The S&P 500 fell 84.79 points, or 1.89%, to 4397.94, and the Nasdaq fell 385.10 points, or 2.72%, to close at 13,768.92.

In particular, the Nasdaq index, which focuses on tech stocks, fell 7.6% this week, the biggest drop since October 2020. The Dow and S&P 500 fell for the third straight week and their worst decline since 2020.

Ahead of the earnings announcements of major companies such as Apple, Microsoft, and Tesla next week, the performance of Netflix, one of the major technology companies, did not meet market expectations, contributing to the deterioration of investor sentiment.

The stock price of Netflix, which announced earnings after the market close the day before, plunged 21.8%. Shares of rival Walt Disney also fell 6.9%.

Tesla fell 5.3% and other tech companies such as Amazon and Metaplatform fell 6% and 4.2%, respectively.

The market is paying attention to the regular meeting of the Federal Open Market Committee (FOMC) of the Federal Reserve (Fed) scheduled for the 25th-26th. The 10-year U.S. Treasury yield rose to 1.9% for the week this week amid growing concerns about the Fed’s early rate hike. The steep rise in interest rates is relatively damaging to risky assets, especially technology stocks.




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