Wall Street ended lower
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The streamer's third-quarter earnings fell short of Wall Street estimates after logging a one-time tax expense in Brazil. Even the "KPop Demon Hunters" were no match for the jump scares in Netflix's ( NFLX) latest earnings .
Netflix Inc. (NFLX.O) missed Wall Street's third-quarter profit projections due to an unexpected tax bill in Brazil.
NEW YORK (AP) — U.S. stocks and the price of gold fell on Wednesday, as momentum on Wall Street reverses. The S&P 500 sank 0.5%, though it’s still within 1% of its all-time high set earlier this month. The Dow Jones Industrial Average dropped 334 points, or 0.7%, from its record set the day before, while the Nasdaq composite fell 0.9%.
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Netflix missed Wall Street's third-quarter earnings targets because of an unexpected expense from a dispute with Brazilian tax authorities.
A broad-based risk-off mood is sweeping across the U.S. financial markets on Wednesday. The tech-heavy Nasdaq composite was tumbling nearly 1%, while the S&P 500 was losing 0.5% in midday trading as weak quarterly results from Netflix Inc.
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US stocks and gold sink, while meme stocks swerve, as Wall Street’s momentum slams into reverse
Stocks are drifting near their record heights on Wall Street, while the price of gold falls again to trim more off its tremendous gain for the year.
Wall Street experienced a downturn on Wednesday as Netflix's disappointing outlook and Tesla's anticipated earnings created tension. Investors remained wary amid high stock valuations and sought reassurance in mega-cap tech earnings.