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US stocks weighed down by weak Netflix results
NEW YORK, July 17, 2018 (BSS/AFP) – Wall Street stocks retreated in early
trading on Tuesday as disappointing results from Netflix weighed on large
technology shares.
About 20 minutes into trading, the Dow Jones Industrial Average was down
0.2 percent at 25,022.74.
The broad-based S&P 500 dipped 0.2 percent to 2,794.05, while the tech-rich
Nasdaq Composite Index dropped 0.3 percent to 7,782.55.
Investors hammered Netflix after the streaming service said membership grew
5.2 million to 130 million, a million shy of what the company had forecast.
Shares sank 11.6 percent.
Other technology companies also fell, including Apple, Facebook and
Google’s parent, Alphabet.
Other companies reporting earnings had a mixed performance on Wall Street,
with UnitedHealth Group slumping 3.4 percent and Johnson & Johnson winning
3.7 percent.
Goldman Sachs dropped 1.3 percent after reporting a 44 percent jump in
second-quarter earnings to $2.3 billion and announcing that David Solomon
would succeed Lloyd Blankfein as chief executive.
Markets are looking ahead to testimony later Tuesday from Federal Reserve
Chairman Jerome Powell that is expected to offer an update on the outlook for
future interest rate hikes and the risks of a trade war to the broader
economic performance.
BSS/AFP/SR/2025 HRS