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Stocks moved lower on Friday as sharp losses in streaming giant Netflix dragged the NASDAQ Composite deeper into correction territory.
The Dow Jones Industrials collapsed 181.32 points to 34,534.07.
The S&P 500 sank 45.35 points, or 1%, to 4,437.37.
The NASDAQ swooned 234.75 points, or 1.7%, to 13,919.27.
Both the Dow and S&P 500 are on track for a third straight week of losses. The technology-focused NASDAQ declined 1.6%, on track for its worst week since October 2020.
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.
Meanwhile, Peloton shares rebounded 7% 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 1.74% from Thursday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices sank $1.38 to $84.17 U.S. a barrel.
Gold prices retreated $4.10 to $1,838.50 U.S. an ounce.
