Netflix torpedoes Nasdaq, S&P while Dow adds 250 points
Elon Musk's Tesla reports after the bell
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. | 897.79 | +0.31 | +0.03% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
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 | 5969.34 | +20.63 | +0.35% |
| DIS | THE WALT DISNEY CO. | 115.67 | +0.94 | +0.82% |
| ROKU | ROKU INC. | 69.20 | +0.52 | +0.76% |
| WBD | WARNER BROS. DISCOVERY INC. | 10.11 | -0.12 | -1.17% |
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. | 222.98 | +0.66 | +0.30% |
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. | 176.25 | +3.48 | +2.02% |
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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. | 352.56 | +12.92 | +3.80% |
| UAL | UNITED AIRLINES HOLDINGS INC. | 95.24 | +0.84 | +0.89% |
| LAM | NO DATA AVAILABLE | - | - | - |
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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. | 157.59 | +5.23 | +3.43% |
| LEN | LENNAR CORP. | 169.17 | +1.10 | +0.65% |
| DHI | D.R. HORTON INC. | 163.50 | +1.66 | +1.03% |
| MTG | MGIC INVESTMENT CORP. | 25.49 | +0.53 | +2.12% |
Bitcoin traded around $41,000.
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FOX Business' Ken Martin and The Associated Press contributed to this report.