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U.S. Stocks Surge on Tech Gains After Netflix Report

Published 07/20/2022, 09:46 AM
Updated 07/20/2022, 11:10 AM
© Reuters.

By Liz Moyer 

Investing.com -- U.S. stocks surged on a rebound in tech as corporate earnings continue to pour out.

At 11:07 AM ET, the Dow Jones Industrial Average was up 60 points, or 0.2%, while the S&P 500 was up 0.7%, and the NASDAQ Composite rose 1.5%.

Netflix, Inc. (NASDAQ:NFLX) set a positive tone after the closing bell on Tuesday, saying it lost under one million subscribers in the second quarter, which is far fewer than initially feared. It also forecast growth and talked about an ad-supported subscription tier to be introduced next year. The stock was up 3.4%.

Mortgage applications slumped 6% from the prior week as high prices and rising loan interest rates pushed would-be buyers to the sidelines.

The Federal Reserve is expected to raise interest rates another 0.75 percentage point when it meets later this month. Before that, the European Central Bank is expected to make a rate move as central banks try to respond to high inflation.

Tesla, Inc. (NASDAQ:TSLA) earnings are due out after Wednesday’s closing bell, and analysts will be listening for what the electric vehicle maker says about production trends, given ongoing COVID-related shutdowns in China.

Bath & Body Works, Inc. (NYSE:BBWI) shares fell 2.6% after it lowered its guidance.

Oil fell. Crude Oil WTI Futures was down 1% to $99.72 a barrel, while Brent Oil Futures fell 0.5%, to $106.89 a barrel. Gold Futures dipped 0.2%, to $1,706 an ounce.

Latest comments

Look at the 52 week range for Netflix. This dog is down nearly $500 a share in one year. Nothing in this article is good news. See where the stock market is after 5 quarters of negative growth.
Nothing?  -- "lost under one million subscribers in the second quarter, which is far fewer than initially feared. It also forecast growth and talked about an ad-supported subscription tier to be introduced next year."
Yeah, you have to love how Netflix can just say they think they'll see user growth after they launch an ad-based service and the whole tech sector shoots up on nothing but their most favorable internal models.
 Apple can have little ads on its products since AAPL owns its whole ecosystem w/ little competition in the high-end cellphone space.  Nflx doesn't own the online streaming space and faces increasing competition, so ad-supported subscription tier option may be good idea.  Nflx will have to be more transparent with data on its viewers to sell ads.
Remarkable how the 10AM breaker doesn't fire and take out the "gains" during a "rally."  No, every single loss is reversed at this time, yet "rallies" are untethered.  Also remarkable is how this CRIMINALLY MANIPULATED JOKE can operate in broad daylight without consequences.
run for a government office and try to affect real change. no you're not going to do that though. so just whine some more I guess...
You need to learn when the market breakers are fired.  Hint:  not when the market only moved 0.25%.
If you're looking for the bottom it's in the rearview mirror. Are you standing on the sidelines watching other people win?
Thanks! The Federal Reserve flooded the market with funds to push up inflation, allowing the U.S. stock market to continue to soar.
Fed balance sheet has been coming down for a few months
The Fed is not really serious about inflation, it's just talk.
It's all manipulated folks, you can't strategize when it's controlled.
still too early to say it has bottomed out after rate hike alot of bubbles will burst real estate is the first
Do you work for Lockheed too? Do you know Tim?
I can't stop laughing. Nasdaq up after Netflix. That was a good report. I didn't know it that loss a lot is customers is good. great to know.
It went right back to where it closed yesterday - ***?
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