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Nasdaq falls as Netflix’s disappointing earnings weigh on tech companies

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News Tech: Streaming giant Netflix’s subscriber numbers fell for the first time in a decade, prompting investors to divest other high-growth companies that could face similar post-pandemic performance problems, boosting tech stocks. The Nasdaq fell on Wednesday. But positive gains from consumer goods giant Procter & Gamble and tech firm IBM Corp boosted other Wall Street benchmarks, with the leading Dow surpassing 1% in afternoon trading and the S&P 500 also rising.

Netflix Inc plunged his 36.1%, facing its worst day since October 2004. This is after blaming inflation, the war in Ukraine and fierce competition for declining subscribers and predicting bigger losses. Streaming rivals Walt Disney, Roku and Warner Bros. Discovery fell between 4.3% and 5.7%, while megacap stocks such as Amazon.com, Alphabet and Meta Platforms fell 0.9%. returned to 7.1%.

“But the rest of the market space, the more value-oriented and small-cap oriented industries, are holding up better than the technology sector.” The Nasdaq has fallen 13.5% so far this year and the benchmark S&P 500 has fallen 6% of his. Telecom services on Wednesday he fell 3.5%, even though he rose in nine of the S&P 500’s 11 major sectors. The property index led the gains, posting its best result since March 1st 4 and consumer staples traded at record highs.

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