© Reuters. File Photo: The Nasdaq logo will appear on the Nasdaq Market site in Times Square, New York City, USA on December 3, 2021. REUTERS / Jeenah Moon / File Photo
Lewis Krauskopf, Shreyashi Sanyal, Bansari Mayur Kamdar
(Reuters)-Wall Street’s key index fell sharply on Friday, Netflix (NASDAQ :) stocks plummeted following weak earnings reports, and Nasdaq recorded the largest weekly percentage decline since the start of the pandemic. March 2020, ending the brutal week of.
Benchmark S & P 500 has fallen for the third straight week, down 8.3% from its highs in early January.
After confirming that the tech-heavy index was being revised at the beginning of the week, Nasdaq’s losses also deepened, dropping more than 10% from its November peak. The Nasdaq is now down 14.3% from its peak in November and closed on Friday at its lowest level since June.
Netflix’s share price fell 21.8%, squeezing the S & P 500 and Nasdaq after streaming giants predicted weak subscriber growth.Stocks of competitor Walt Disney (NYSE :) 6.9% down, dragging the Dow, Roku (NASDAQ :) also slid 9.1%.
Paul Norte, Portfolio Manager at Kingsview Investment Management, said: today. “
The S & P 500 fell 450.02 points (1.3%) to 34,265.37, the S & P 500 fell 84.79 points (1.89%) to 4,397.94 and 385.10 points (2.72%) to 13,768.92.
That week, the S & P 500 fell 5.7%, the Dow fell 4.6% and the Nasdaq fell 7.6%.
The Dow has fallen six times in a row, the longest consecutive daily decline since February 2020.
For the first time since June 2020, the S & P 500 closed below the key technical level of the 200-day moving average.
“When the market looks like this week, emotions will take over,” said Jim Paulsen, chief investment strategist at Lothold Group. “No one cares about the basics until we find support.”
Equities got off to a rough start in 2022 as Treasury yields are rising rapidly amid concerns that the Federal Reserve will be aggressive in controlling inflation.
Investors have enthusiastically focused on next week’s federal government meeting, after last week’s data showed the largest annual rise in U.S. consumer prices in almost 40 years, in the coming months of central banks. Clarify the monetary tightening plan.
“There is a lot of potential market concern next week between the Fed’s meetings and earnings,” said Anu Gagar, global investment strategist at the Commonwealth Financial Network.
Apple (NASDAQ :), Tesla (NASDAQ :), and Microsoft (NASDAQ :) are one of the big companies to be reported next week in their busy week’s earnings reports.
The diminishing problem outperforms the ongoing problem on the New York Stock Exchange by a ratio of 4.26: 1. At Nasdaq, a 4.34 to 1 ratio favored the fallen.
The S & P 500 posted 5 new 52-week highs and 24 new lows. The Nasdaq Composite recorded 13 new highs and 1,029 new lows.
Approximately 14.6 billion shares were traded on US exchanges, compared to an average of 10.4 billion shares per day in the last 20 sessions.
S & P 500, Nasdaq posts the worst week since Netflix’s predicament deepened the slide and the pandemic began
https://www.investing.com/news/stock-market-news/nasdaq-futures-weaken-after-disappointing-netflix-forecast-2744789 S & P 500, Nasdaq posts the worst week since Netflix’s predicament deepened the slide and the pandemic began