Stocks were moderately higher on Wednesday as investors wrapped their heads around disappointing Netflix earnings and digested a batch of new corporate earnings reports for the first quarter that divided the major averages.
 | WED, APR 20, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 167.23 | -0.17 | -0.10% | | DIS | 124.57 | -7.33 | -5.56% | | MSFT | 286.36 | +1.06 | +0.37% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | NFLX | 226.19 | -122.42 | -35.12% | | AAPL | 167.23 | -0.17 | -0.10% | | TWTR | 46.72 | +0.56 | +1.21% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | NFLX | 226.19 | -122.42 | -35.12% | | AAPL | 167.23 | -0.17 | -0.10% | | AMD | 94.02 | -2.91 | -3.00% | |
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Stocks were mostly higher on Wednesday as investors wrapped their heads around disappointing Netflix earnings and digested a batch of new corporate earnings reports for the first quarter that divided the major averages. Some companies, like Procter & Gamble, showed strength even in the face of inflation and supply chain pressures, and pulled the Dow higher. In addition to earnings, investors were also encouraged by a slight dip in the 10-year U.S. Treasury yield. It had spiked to start the week and on Tuesday touched 2.94%, its highest level since late 2018. |
The story of the day, however, was the epic tumble in Netflix shares, which made investors jittery about other tech stocks and dragged the Nasdaq Composite down 1%. The streaming service plunged 35% after reporting first quarter earnings last night, which included the loss of 200,000 subscribers and weak subscriber guidance. That was the biggest one-day drop in Netflix shares since 2004. As investors reacted to the report, 10 different analysts on Wall Street responded by cutting their ratings on the stock. No doubt, the news rippled to other streaming services. Shares of Disney, Roku, Warner Bros. Discovery and Paramount all posted big declines Wednesday. Netflix is currently the worst performing stock in the S&P 500 this year, down 62%. |
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