Follow us on facebook


Stock Market News: Nasdaq Slumps, Weighed Down By Netflix

Stock market news was abundant again Friday, but sellers dictated the action, with the Nasdaq composite down 2% in afternoon trading. Wall Street weighed another big drop in oil prices, a hotter-than-expected reading on wholesale inflation and strong earnings from Dow component Walt Disney (DIS) and Ubiquiti Networks (UBNT).




X



The Dow Jones industrial average fell 0.9%, weighed down by weakness in Caterpillar (CAT) and Cisco Systems (CSCO). Results from Cisco Systems are due Wednesday after the close. It was featured in the latest Earnings Preview column as a possible call-option trade.

The S&P 500 gave back 1.2% and the Russell 2000 small-cap index lost 1.9%. Volume on the NYSE was tracking higher than Thursday. Nasdaq volume was slightly lower but seemed to be picking up the pace.

In economic news, wholesale prices jumped 0.6% in October, well above the consensus estimate of 0.2%. Core prices, which exclude food and energy costs, increased 0.5%, also above the consensus estimate of 0.5%.

U.S. crude oil futures took another hit, falling below $60 a barrel. Crude was down just over 1% to $59.93 a barrel. Slowing growth in China has hurt the price of oil, as output in the U.S. continues to boom. The Energy Information Administration on Wednesday said that U.S. production climbed by 400,000 barrels a day to a record 11.6 million barrels last week.

Stock Market News: Netflix Hit Hard

In stock market news today, FANG stocks faced more selling pressure with Netflix (NFLX) getting the worst of it. Shares were down 3.5%, perhaps hurt by news that Walt Disney plans to launch its Disney+ streaming service in 2019.

In related stock market news, Wall Street liked the look of Disney’s earnings report. Disney stock reclaimed a 118 buy point but early gains faded. Shares still rose 2% to 118.20.

Ubiquiti Networks (UBNT) was another bright spot, up 14%. The stock broke out powerfully over a 101.43 buy point, helped by strong earnings.

Leaderboard name Ulta Beauty (ULTA) extended gains after shares reversed higher in impressive fashion Thursday. Shares were volatile early Thursday as the company’s annual analyst and investor day got underway, but the stock ended with a gain of nearly 5% after falling 5.3% intraday.

YOU MIGHT ALSO LIKE:

IBD Stock Of The Day

Best Growth Stocks To Buy And Watch: See Updates to IBD Stock Lists

These Payment Stocks Are Sitting On A $1 Trillion Opportunity

Source link

No comments.

Leave a Reply