June 13, 2024

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Stocks stage rebound even as Netflix sinks

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U.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. 

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