Stocks stage rebound even as Netflix sinks
2 min readU.S. equity markets reversed early losses Wednesday as the major averages looked to bounce back from two days of selling.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 34000.92 | +179.62 | +0.53% |
SP500 | S&P 500 | 4150.05 | +15.11 | +0.37% |
I:COMP | NASDAQ COMPOSITE INDEX | 13825.306567 | +39.04 | +0.28% |
The Dow Jones Industrial Average rose over 100 points or 0.4%, while the S&P 500 and the Nasdaq Composite inched higher by 0.28% and 0.07%, respectively. The major averages on Tuesday suffered their biggest decline in a month as the number of COVID-19 cases rose worldwide.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
XLE | ENERGY SELECT SECTOR SPDR ETF | 47.66 | +0.55 | +1.16% |
XLC | THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND | 75.25 | -0.75 | -0.99% |
XLV | HEALTH CARE SELECT SECTOR SPDR ETF | 122.98 | +1.01 | +0.83% |
Energy and communication stocks saw early weakness, while healthcare rose.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
NFLX | NETFLIX, INC. | 507.64 | -41.93 | -7.63% |
In stocks, Netflix Inc. added 3.98 million subscribers in the three months through March, well below the 6.2 million new users that were expected, and warned that it anticipated adding only 1 million subscribers in the current quarter. Both earnings and revenue exceeded expectations.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
VZ | VERIZON COMMUNICATIONS, INC. | 58.13 | -0.21 | -0.37% |
Verizon Communications Inc. lost a larger than expected 178,000 wireless customers last quarter amid increased competition from rivals AT&T Inc. and T-Mobile US Inc.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
HAL | HALLIBURTON CO. | 19.05 | -0.76 | -3.81% |
BHI | n.a. | n.a. | n.a. | n.a. |
Elsewhere in earnings, oilfield services provider Halliburton Co. swung to a quarterly profit as oil prices bounced and drilling demand picked up from the COVID-19 induced slowdown.
Rival Baker Hughes Co. said it was “cautiously optimistic” that the oil industry has moved past the worst of its COVID-19-induced slump. The company reported mixed quarterly results as revenue fell 12% year over year.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
NDAQ | NASDAQ OMX GROUP INC | 160.68 | +1.00 | +0.63% |
ICE | INTERCONTINENTAL EXCHANGE, INC. | 119.75 | -0.01 | -0.01% |
Meanwhile, exchange operator Nasdaq Inc. beat on both the top and bottom lines as volatile markets and a surge of new listings helped drive a 21% year-over-year increase in net revenue.
Traders will also be monitoring a Senate committee hearing on the treatment of app developers by Apple Inc. and Google.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
AAPL | APPLE, INC. | 132.26 | -0.84 | -0.63% |
GOOGL | ALPHABET, INC. | 2,250.49 | -28.52 | -1.25% |
Apple on Tuesday afternoon announced upgrades to its computers and tablets and a new device for helping find lost items like keys and wallets.
In commodities, West Texas Intermediate crude oil lost $1.62 to $61.05 per barrel and gold ticked up $6.30 to $1,784.70 an ounce.
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Overseas markets were mixed.
European markets were choppy with France’s CAC 40 up 0.35%, Britain’s FTSE 100 advancing 0.15% and Germany’s DAX 30 sliding 0.25%.
In Asia, Japan’s Nikkei 225 paced the decline, finishing down 2.03%, while Hong Kong’s Hang Seng index dipped 1.76% and China’s Shanghai Composite was unchanged.