Netflix torpedoes Nasdaq, S&P while Dow adds 250 points
Elon Musk's Tesla reports after the bell
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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. | 611.15 | -2.54 | -0.41% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15601.498878 | -81.87 | -0.52% |
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 | 5011.12 | -11.09 | -0.22% |
| DIS | THE WALT DISNEY CO. | 112.43 | -0.51 | -0.45% |
| ROKU | ROKU INC. | 58.69 | +1.10 | +1.91% |
| WBD | WARNER BROS. DISCOVERY INC. | 8.31 | +0.08 | +0.97% |
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. | 181.47 | -1.63 | -0.89% |
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. | 157.29 | +1.34 | +0.86% |
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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. | 149.90 | -5.55 | -3.57% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 51.42 | +2.68 | +5.50% |
| LAM | n.a. | n.a. | n.a. | n.a. |
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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)
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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. | 113.17 | -0.24 | -0.22% |
| LEN | LENNAR CORP. | 152.47 | +0.61 | +0.40% |
| DHI | D.R. HORTON INC. | 145.91 | +0.12 | +0.09% |
| MTG | MGIC INVESTMENT CORP. | 19.58 | +0.20 | +1.03% |
Bitcoin traded around $41,000.
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FOX Business' Ken Martin and The Associated Press contributed to this report.