Tags: stocks | mideast | american express | netflix

Dow, S&P Inch up as AmEx Gains; Netflix Drags Nasdaq

Dow, S&P Inch up as AmEx Gains; Netflix Drags Nasdaq
(AP)

Friday, 19 April 2024 10:32 AM EDT

The Dow and the S&P 500 edged higher Friday on gains in American Express after upbeat earnings and as initial jitters about an escalation in the Middle East conflict subsided, while Netflix weighed on the Nasdaq following its dour forecast.

Netflix slumped 6.6% following the streaming video pioneer's lackluster second-quarter forecast.

"(Netflix) also noted that it would stop reporting subscriber numbers next year, which was taken as a sign that the current strength of customer growth could now be peaking," said Richard Hunter, head of markets at online investment platform interactive investor.

"In order to maintain heightened valuation levels, attention has turned to the quarterly reporting season with high expectations for companies which are reporting."

Cushioning the blue-chip Dow, American Express added 3.2% after the credit card lender's first-quarter profit surpassed Wall Street estimates.

Meanwhile, explosions echoed over an Iranian city on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation -- a response that appeared gauged towards averting a region-wide war.

Equities were rattled this week as investors readjusted their expectations over by how much the Fed would cut rates this year, with both the S&P 500 and the blue-chip Dow poised for a third weekly decline, while the Nasdaq was set for its fourth consecutive weekly loss, if current trend holds.

Federal Reserve policymakers have coalesced around the idea of keeping borrowing costs where they are until perhaps well into the year, given slow and bumpy progress on inflation, and a still-strong U.S. economy.

Money markets are now pricing in about 39 basis points (bps) of cuts from the central bank this year, down from around 150 bps seen at the beginning of 2024, according to LSEG data.

U.S. stocks suffered an outflow of $4.1 billion in the latest week, according to Bank of America's weekly 'Flow Show' report, their largest two-week outflow since December 2022.

The CBOE Volatility index, also known as Wall Street's "fear gauge," was last up 0.30 points at 18.30, after breaching the psychologically important level of 20 earlier in the session.

At 9:55 a.m. ET, the Dow Jones Industrial Average was up 182.74 points, or 0.48%, at 37,958.12, the S&P 500 was up 2.50 points, or 0.05%, at 5,013.62, and the Nasdaq Composite was down 54.49 points, or 0.35%, at 15,547.01.

Seven of the 11 S&P 500 sectors traded higher, with energy stocks leading gains with a 1.1% advance, while communication services dropped 1.0% to lead declines.

Shares of Paramount Global jumped 9.9% after a person familiar with the matter told Reuters that Sony Pictures Entertainment and Apollo Global Management are discussing making a joint bid for the company.

Procter & Gamble slipped 1.9% after the consumer goods giant missed third-quarter net sales estimates.

Advancing issues outnumbered decliners by a 3.42-to-1 ratio on the NYSE by a 1.71-to-1 ratio on the Nasdaq.

The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded nine new highs and 90 new lows.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
The Dow and the S&P 500 edged higher Friday on gains in American Express after upbeat earnings and as initial jitters about an escalation in the Middle East conflict subsided, while Netflix weighed on the Nasdaq following its dour forecast.
stocks, mideast, american express, netflix
506
2024-32-19
Friday, 19 April 2024 10:32 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved