The NASDAQ was on pace for its worst week since 2020 on Friday as sharp losses in streaming giant Netflix dragged the technology-focused index deeper into correction territory.
The Dow Jones Industrials swooned 97.75 points to 34,617.64.
The S&P 500 sank 24.75 points to 4,457.98.
The NASDAQ suffered 114.16 points to 14,039.86.
The NASDAQ is down 5.9% since Monday, track for its worst week since October 2020. The Dow fell about 70 points. The S&P 500 was down 0.6%. Both the Dow and S&P 500 are on track for a third straight week of losses.
Netflix’s disappointing quarterly report is the latest setback for technology investors. Shares of the streaming giant tumbled 21% on Friday after the company’s fourth-quarter earnings report showed a slowdown in subscriber growth. Its competitors’ shares also declined, with Dow component Disney, which operates the Disney+ streaming service, off 5%.
Netflix is the first major tech stock to report earnings this season, with Apple and Tesla slated to post earnings next week. Tesla lost nearly 4% on Friday. Other tech names like Amazon dropped 3.6% while and Meta Platforms gave back 2%,
Meanwhile, Peloton shares rebounded 10% on Friday. The maker of interactive fitness bicycles and treadmills plunged 23.9% during regular trading on Thursday after reports that the company is temporarily halting production of its fitness products.
Prices for 10-year Treasurys leaped, lowering yields to 1.76% from Thursday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices ditched 67 cents to $84.88 U.S. a barrel.
Gold prices retreated $9.20 to $1,833.40 U.S. an ounce.
