Netflix plummeted 22.7% after the streaming giant missed market forecasts for new subscribers late last year and offered a pessimistic outlook for early 2022.
Stocks of technology and media companies, including Walt Disney Co, ViacomCBS and Roku, which have invested heavily in streaming, fell between 4.3% and 5%.
Seven of the 11 major S&P 500 sectors fell, with communications services down 1.7% to an eight-month low.
Thursday, Analysts expressed doubts about the business prospects of market darlings during the pandemic, including Netflix and Peloton Interactive.
However, shares of Peloton recovered somewhat from the previous day’s decline, gaining 4.2% after its chief executive denied a report that the exercise bike maker was halting some production and raised the forecast. second quarter revenue.
Other mega-cap growth companies like Microsoft, Tesla and Apple will report their quarterly earnings next week.
The Dow Jones Industrial Average was down 0.1%, while the S&P500 was down 0.7%. The Nasdaq Composite fell 1%.
The Nasdaq Composite is headed for its worst week since March 2020. It closed on Wednesday more than 10% below its all-time high reached in November, confirming that it was in correction territory.
Source From: Ambito
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