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At 13:17 ET (17:17 GMT), the S&P 500 fell 1.1% to 4,955.49, NASDAQ Composite fell 2.4%, the Dow Jones Industrial Average rose 144 points or 0.4%.
Netflix Inc (NASDAQ:NFLX) said it would stop reporting quarterly membership numbers and average revenue per membership starting next year with its Q1 2025. The announcement overshadowed the video streaming giant’s better-than-expected first-quarter results, sending Netflix shares more than 9% lower.
As well as slump in Netflix, other tech titans including Amazon (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), Apple Inc (NASDAQ:AAPL) and Meta Platforms Inc (NASDAQ:META) were in the red, with the latter down 5% after Apple said it would pull Meta’s instragram and thread apps from its App Store in China following pressure from Beijing’s internet regulator.
NVIDIA Corporation (NASDAQ:NVDA) fell more than 10%, adding to its recent losses as investors appear to continue taking profit on the stock ahead of its earnings next month.
Procter & Gamble (NYSE:PG) stock gained 0.4% after the customer goods giant’s third-quarter net sales fell short of expectations even as raised its annual profit forecast as commodity costs fall.
American Express (NYSE:AXP) stock rose 6% after the financial services giant’s first-quarter profit vaulted past estimates, driven by an affluent customer base that increased spending as recession fears ebbed on Friday.
Paramount Global (NASDAQ:PARA) stock soared 13% after the blockbuster sale of the entertainment giant to David Ellison’s Skydance Media may be at significant risk of falling short as Sony and Apollo Global Management (NYSE:APO) prepare to make “a significantly better offer that will benefit all shareholders of the company,” an insider told Investing.com exclusively.
Tesla Inc (NASDAQ:TSLA) fell 2% as the electric vehicle maker is recalling nearly 3,900 of its Cybertrucks owing to a defective accelerator pedal pad, the US National Highway Traffic Safety Administration said in a recall report.
Crude prices settled higher Friday, but notched a weekly loss as Israel’s measured attack on Iran isn’t expected to escalate further as Tehran reportedly isn’t planning a retaliation.
The crude benchmarks had posted gains of around 3% earlier Friday, but were up by around 1% in recent trading.
(Peter Nurse, Ambar Warrick contributed to this article.)
