Netflix Surges in Subscribers Despite Uncertain Future
Netflix (NASDAQ:NFLX) witnessed a surge in subscriber additions, reporting an impressive 9.33 million new users, surpassing analyst projections. However, the streaming giant cautioned about a potential slowdown in paid net additions for the current quarter. In a surprising move, Netflix announced it would cease reporting quarterly membership numbers and average revenue per membership starting from Q1 2025 earnings, citing revenue and operating margin as primary performance metrics. Investors reacted to this unexpected news with concern, interpreting it as a signal of a potential slowdown in customer growth, which led to a nearly 4% drop in Netflix stock during after-hours trading.
Geopolitical Tensions Dampen Market Sentiment
Wall Street futures indicated a lower opening on Friday as geopolitical tensions escalated following reported Israeli strikes on Iran. The conflict reignited concerns about broader instability in the region, prompting a decline in risk appetite among investors. By early morning, Dow futures were down by 0.3%, while S&P 500 futures and Nasdaq 100 futures dropped by 0.4%. The ongoing Middle East tensions added to existing market worries, compounded by diminishing expectations of an imminent interest rate cut by the Federal Reserve due to resilient U.S. economic data.
Bitcoin Volatility Ahead of Halving Event
Bitcoin experienced significant volatility on Friday, fluctuating ahead of its highly anticipated halving event scheduled for April 20. Despite briefly dipping below the key support level of $60,000 earlier in the day, Bitcoin rebounded to trade 6% higher at $64,950.0. Market participants closely monitored the impending halving, which is anticipated to reduce the rate of new Bitcoin generation by cutting mining rewards in half. This event historically correlated with significant price rallies in the cryptocurrency market.
Pressure Mounts on Goldman Sachs to Separate CEO and Chair Roles
Goldman Sachs (NYSE:GS) faced mounting pressure to separate the roles of CEO and board chair, both currently held by David Solomon. Norway’s $1.6 trillion sovereign wealth fund announced its intention to vote in favor of a resolution advocating for the split of these roles at Goldman’s upcoming annual meeting. Proxy advisors Institutional Shareholder Services and Glass Lewis also recommended investor support for the resolution. Despite dissenting views from the Goldman board, citing recent positive financial results, pressure continued to build for governance reform within the banking giant.
Crude Prices Volatile Amid Geopolitical Uncertainty
Crude oil prices experienced volatility following reports of Israeli strikes on Iran, which initially sparked concerns about potential disruptions to supply. However, gains were short-lived as the impact of the strikes appeared limited, prompting profit-taking and a reversal in prices. U.S. crude futures traded 0.3% higher at $82.97 a barrel, while the Brent contract climbed 0.2% to $87.26 per barrel. Additionally, concerns over U.S. economic resilience and weak domestic demand in China contributed to the overall uncertainty surrounding crude markets, leading to a week of fluctuating prices.
