In a week marked by persistent downward momentum, the S&P 500 index closed below the 5,000 mark on Friday, registering its sixth consecutive daily loss. The market saw significant declines, particularly driven by notable losses in leading tech stocks like Netflix and Nvidia.
At the closing bell at 16:00 ET (20:00 GMT), the S&P 500 dipped by 0.9% to conclude at 4,966.63 points, while the NASDAQ Composite experienced a steeper decline of 2.1%. In contrast, the Dow Jones Industrial Average managed to buck the trend, climbing by 0.6% or 211 points.
Netflix, a prominent player in the streaming industry, found itself at the forefront of market concerns as it announced plans to cease reporting quarterly subscriber data, effective from the first quarter of 2025. Despite posting better-than-anticipated first-quarter results, Netflix shares plummeted by more than 9% following this announcement.
The tech sector bore the brunt of the market downturn, with other industry giants such as Amazon, Microsoft, Alphabet, Apple, and Meta Platforms witnessing declines. Meta Platforms, in particular, faced a 4% drop after Apple revealed intentions to remove Meta’s Instagram and Thread apps from its App Store in China, succumbing to pressure from regulatory authorities.
Nvidia Corporation endured a notable setback, sliding by 10% amid ongoing profit-taking by investors ahead of its upcoming earnings report.
In other market news, American Express delivered positive earnings results, with its stock surging by 6% after the financial services company reported first-quarter profits that surpassed expectations. Conversely, Procter & Gamble experienced a modest gain of 0.5% despite falling short of net sales expectations for the third quarter.
Paramount Global witnessed a surge of 13% in its stock price following reports of a potential blockbuster sale to Skydance Media. However, uncertainties loomed as rival bidders, Sony and Apollo Global Management, prepared to present competing offers, according to exclusive insights obtained.
Tesla Inc faced its own challenges as it announced a recall of nearly 3,900 Cybertrucks due to a defective accelerator pedal pad, as reported by the US National Highway Traffic Safety Administration.
Amidst market turbulence, Bitcoin experienced fluctuations, briefly dipping below $60,000 as anticipation mounted for its imminent ‘halving event’. This event, occurring once every four years, halves the production of new bitcoins, reducing the overall supply growth of the cryptocurrency.
Since its inception in 2009, Bitcoin has undergone three halving events, significantly curbing its supply growth rate from 25% to just under 2% at present.
