Stocks and Futures
Futures tracking the Nasdaq 100 index fell on Friday after a weak forecast from streaming giant Netflix sent its shares and rival securities tumbling, while major Wall Street indexes braced for another week of declines.
Netflix Inc. (NASDAQ:NFLX) on Thursday reported better-than-forecast fourth-quarter earnings but gave a weak forecast for first-quarter subscriber growth. Shares fell 19.6% in over-the-counter trading.
The company forecast subscriber growth of 2.5 million from January to March, more than half the analysts' estimate of 5.9 million given by Refinitiv.
Shares of technology and media companies, including Walt Disney Co. (NYSE:DIS), ViacomCBS and Roku (NASDAQ:ROKU) also lost 1.7% to 5.4% in value.
Next week's US Federal Reserve meeting will bring more clarity to the fight against rising inflation after statistics showed that consumer prices rose to their highest level in four decades in December.
Dow Jones index futures were down 0.2% from fair value and Disney shares put pressure on blue chips. Futures on the S&P 500 index fell 0.5%. Futures on the Nasdaq 100 fell 0.8%. Netflix shares led the decline in technology futures.
The 10-year Treasury bond yield fell 5 basis points to 1.78%. Crude oil futures are down more than 1%.
Bitcoin has fallen well below $40,000 as investors dump cryptocurrencies along with other risky assets.
