JAN 21 — Wall Street’s main indexes fell today, with the Nasdaq set for its fourth straight day of declines after a weak forecast from Netflix sent its shares along with other streaming companies spiralling lower.
Seven of the 11 major S&P 500 sectors fell, with communication services down 1.7 per cent at an eight-month low. “The pandemic winners are under pressure and that will likely continue. If everybody already has Netflix, it’s hard to improve subscriber growth,” said John Lynch, chief investment officer for Comerica Wealth Management in Charlotte, North Carolina.Other megacap growth companies such as Microsoft, Tesla and Apple are scheduled to report earnings next week.
The central bank’s policy meeting next week will offer more clarity on its fight against surging inflation, after data earlier this month showed consumer prices rising to its highest level in four decades in December. Single stock options totalling about US$1.28 trillion were set to expire on Friday, potentially driving sharp market movements and impacting stocks that have very large call positions like Apple, Microsoft, Tesla, Amazon, Meta Platforms and Google-parent Alphabet.
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