Markets Drop On Earnings, Netflix Sends Nasdaq Deeper into Correction Territory

U.S. equity markets opened lower on Friday amid an anticipated slowdown in earnings as the Fed removes its stimulus. Meanwhile, tech investors saw another meaningful drop in the Nasdaq amid news of slowing subscriber growth at Netflix (NFLX) which sent the stock down more than 20% in early trading. The Nasdaq officially entered correction territory on Thursday with its fall of 10% below its high and is sinking further.

Many traders expect the Fed to raise rates at least four times in 2022. T

Friday’s drop followsan unexpected rise in jobless claims on Thursday. Claims rose to 286,000 from 231,00, while analysts predicted they would fall to 225,000. The drop revealed how fragile the economy has become.

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury fell four basis points. The dollar dropped against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.62 -0.11 -0.12%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.558% 0.016 0.543%
U.S. 5 Year Treasury Note 1.569% -0.021 1.590%
U.S. 10 Year Treasury Note 1.774% -0.036 1.810%

 

Stocks To Watch

Netflix dropped almost 20% despite beating earnings and revenue expectations. What hit the stock was the company’s prediction for the next quarter. It stated that net Q1 subscribers would come at 2.5 million, vs the expected 5.9 million. Netflix faces increased competition from other streaming services, including Amazon.

Other tech stocks also dropped. AMD and Tesla were down 1%, while NVIDIA lost more than 2% in premarket training.

Exercise equipment company Pelton bounced back slightly in premarket trading, after dropping 24% on Tuesday. The company hired an outside consultant, and investors are speculating that layoffs are on the table.

Symbol Company Name Price Chg. %
NFLX Netflix Inc. $398.85 -21.67%
PTON Peloton Interactive Inc. $26.20 +7.27%
NVDA NVIDIA Corp. $235.86 -2.34%
TSLA Tesla Inc. $1003.13 +0.70%
AMD Advanced Micro Devices Inc. $120.58 -1.07%

 

Commodities To Watch

Oil prices dropped despite lingering supply concerns. Gold futures dropped after rallying to their highest level since November. 

Resource Price Chg. %
WTI Crude Oil $84.23 -1.54%
Brent Crude Oil $87.14 -1.40%
Natural Gas $3.91 2.79%
Gold $1,834.00 -0.47%
Silver $24.43 -1.18%
Copper $4.52 -1.28%

Crypto

Crypto markets crashed with stocks, boosting the case that most investors still consider them to be risk assets. However, Russia’s talk of a crypto ban could also be playing a role.

The global crypto market cap is $1.79T, a 9.75% decrease over the last day. Bitcoin’s dominance is currently 40.45%, an increase of 0.3% over the same period. 

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $38,078.97 -9.74% 721.06b
Etherium ETH $2,763.59 -12.41% 328.52b
Binance coin BNB $412.67 -10.77% 61.35b
Solana SOL $117.27 -14.66% 36.89b
Cardano ADA $ 1.180 -12.42% 36.72b

 

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