US markets opened Friday’s session lower after a volatile Thursday which saw the Dow Jones tumble by more than 3%.
Among the major highlights, Netflix released its financial results for the fourth quarter of 2021 with revenue rising by 16% to reach $7.71 billion. However, the company’s shares sank by more than 22% on Friday’s trading session as investors were concerned about the streaming giants slowing subscriber growth.
The drop in Netflix shares dragged the technology-heavy Nasdaq index deeper into correction territory. Other major tech stocks, including Facebook parent Meta Platforms Inc., Amazon.com Inc., and Tesla Inc., followed the streaming giant lower, The Wall Street Journal reported. Walt Disney shares were also trading lower in sympathy with Netflix.
CNBC reported that the Nasdaq is down 5.9% since Monday, track for its worst week since October 2020. The Dow Jones Industrial Average fell about 70 points. The S&P 500 was down 0.6%. Both the Dow and S&P 500 are on track for a third straight week of losses.
Meanwhile, Apple, Microsoft and Tesla are some of the major companies expected to post their financial results next week. Amazon is scheduled to report results for the fourth quarter on Feb. 3.
