dropped over 20% on Friday after the company on Thursday issued significantly worse than expected guidance for subscriber growth in Q1 2022. That weighed on other high earnings/value ratio which are concentrated in the tech sector, though also weighed on the market more broadly as well. The S&P 500 dropped 1.5% towards 4400 having failed an attempt to test the 4500 level again earlier in the session. The index is on course to end this week 5.4% lower and roughly 8.
The Nasdaq 100, meanwhile, dropped another 2.4% to move below the 14.5K level, having long since let go of the 200DMA at just above 15.0K. That means the index is now down more than 7.0% on the week and is now about 13.5% lower versus its November record highs close to 16.8K. The Dow, meanwhile, was down a more modest 1.2% to underneath 34.3K, taking on the week losses to about 4.5%. The comparatively less growth stock weighted Dow is down just over 7.
In terms of the S&P 500 GICS sectors, Communication Services was the worst performer dropping 3.5% and was closely followed by the Consumer Discretionary and Materials Sectors down 3.0% and 2.5% each. Amid the risk-off in stock markets, energy prices fell, weighing on the Energy sector which dropped 2.3%, whilst lower US bond yields hurt the Financials sector, which dropped 2.2%. Information Technology was down 1.6%, Health Care was down 1.1% and Industrials were down 0.9%.
Investors will fear that further underwhelming earnings might spur further broad selling pressure in US equities next week. Apple, Tesla and Microsoft are the biggest names that will be reporting. Otherwise, the Fed meeting on Wednesday will be the most important event, with traders keen to judge the tone of the meeting for signals as to how fast the bank might lift rates in the coming years.
Frank_Macro this is ridiculous because of course people will cancel their subscriptions when you can just google the tv show and epsiode you wanna watch and you get dozens of sites for free streaming
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