Nasdaq futures come down as Netflix shares tank, S&P 500 futures are little changed


April 22, 2021: -On Wednesday, Broader stock market futures were little changed as equities try to recover from two days of losses. Futures for the tech-heavy Nasdaq-100 fell slightly as Netflix shares decrease. Dow Jones Industrial Average fell 50 points, while Nasdaq-100 futures shed 0.35%. S&P 500 futures shed 0.2%.

Netflix shares plunged nearly 8% in premarket trading after the streaming giant reported subscriber additions that fell far short of Wall Street estimates as the demand increased from the pandemic started to come down. Shares of Norwegian Cruise Line Holdings led a pop in reopening plays after Goldman Sachs upgraded the stock. Norwegian jumped 2% in early trading.

Wall Street suffered back-to-back losses as reopening plays led the market lower between renewed concerns about rising new Covid cases all over the world. On Tuesday, the Dow came down 250 points for its worst daily performance since March 23, while the S&P 500 and the Nasdaq slid 0.7% and 0.9%, respectively.

On Tuesday, United Airlines plunged 8.5% after the carrier reported its fifth consecutive quarterly loss and said that business and international travel is still away from a recovery.

 The State Department said it would increase “do not travel” advisories to 80% of the world’s countries, adding that the pandemic presents an “unprecedented risk to travelers.”

Companies have been handing in solid quarterly results, but the bar is high for earnings to lift the stock market higher after a solid rally to record highs this year. The Dow and the S&P 500 is still up 10% for the year after hitting records on Friday.

“This has been an outstanding earnings season as 90% of the S&P 500 companies delivered robust results, but the problem for stocks is that most of the good news has already been priced in,” Edward Moya, senior market analyst at Oanda, said in a note.

Editor's Choice

Posts You Might Like

Leave us a message


Fill the form our team will contact you

Advertise with us

Fill the form our team will contact you​