Investing.com– The S&P 500 closed below the 5,000 level Friday, rounding off the week with its sixth-straight daily loss as a Netflix and Nvidia led a rout.
At 16:00 ET (20:00 GMT), the S&P 500 fell 0.9% to close at 4,966.63, NASDAQ Composite fell 2.1%, the Dow Jones Industrial Average rose 211 points or 0.6%.
Netflix slumps on plans to stop reporting quarterly subscriber data; Nvidia tumbles again
Netflix Inc (NASDAQ:NFLX) said it would stop reporting quarterly membership numbers and average revenue per membership starting next year with its Q1 2025. The announcement overshadowed the video streaming giant’s better-than-expected first-quarter results, sending Netflix shares more than 9% lower.
As well as slump in Netflix, other tech titans including Amazon (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Apple Inc (NASDAQ:AAPL) and Meta Platforms Inc (NASDAQ:META) were in the red, with the latter down 4% after Apple said it would pull Meta’s instragram and thread apps from its App Store in China following pressure from Beijing’s internet regulator.
NVIDIA Corporation (NASDAQ:NVDA) fell 10%, adding to its recent losses as investors appear to continue taking profit on the stock ahead of its earnings next month.
American Express in earnings delight, but Procter & Gamble sales miss
Procter & Gamble (NYSE:PG) stock gained 0.5% after the customer goods giant’s third-quarter net sales fell short of expectations even as raised its annual profit forecast as commodity costs fall.
American Express (NYSE:AXP) stock rose 6% after the financial services giant’s first-quarter profit vaulted past estimates, driven by an affluent customer base that increased spending as recession fears ebbed on Friday.
Paramount in fresh deal action; Tesla recalls cybertrucks
Paramount Global (NASDAQ:PARA) stock soared 13% after the blockbuster sale of the entertainment giant to David Ellison’s Skydance Media may be at significant risk of falling short as Sony and Apollo Global Management (NYSE:APO) prepare to make “a significantly better offer that will benefit all shareholders of the company,” an insider told Investing.com exclusively.
Tesla Inc (NASDAQ:TSLA) fell nearly 2% as the electric vehicle maker is recalling nearly 3,900 of its Cybertrucks owing to a defective accelerator pedal pad, the US National Highway Traffic Safety Administration said in a recall report.
Bitcoin halving event imminent
Bitcoin (BitfinexUSD) redounded after briefly dipping below $60,000 as many await its ‘halving event’ expecting imminently.
Halving events, which occur once every four years, cut the amount of bitcoin that is produced on the bitcoin blockchain, or network, by miners in half — hence, ‘halving.’
Since its inception in 2009, there have been three halving events that have reduced the supply growth of bitcoin from a 25% rate to just under 2% currently.
(Peter Nurse, Ambar Warrick contributed to this article.)
