With aid from Netflix and Alphabet, the Nasdaq Composite increased on Friday as investors fought to hold onto the January gain and earnings reports began to stream in.
While the S&P 500 increased by 0.4%, the tech-focused stock index increased by 1%. By 49 points, or 0.2%, the Dow Jones Industrial Average decreased.
Netflix increased by 7% despite its quarterly earnings falling short of analysts’ expectations due to higher-than-expected subscriber growth. After the business revealed it will let go of 12,000 employees, Alphabet’s stock increased by 5%.
All three indices are expected to close lower for the whole week. With a more than 3% decline, the Dow is on pace for its worst week since September. The S&P 500 has down more than 2% and may have had its worst week since December.
Source (CNBC)