NASDAQ Due for Worst Week Since Fall of ’20

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.