Closing Bell Movers: Netflix down over 8% after results
More pain in the tech arena drove major indices lower on Thursday, with Nasdaq Composite's 1.5% decline seen as the biggest retreat. The 0.5% decline in S&P 500 also cut into the benchmark's two-day rally as Communication Services - yesterday's best performing sector - was today's worst performing sector, as Alphabet (GOOGL) and Meta Platforms (META) fell 4.4% and 2.5% respectively. Investors are turning more selective with regards to hyperscalers as Microsoft (MSFT) and Apple (AAPL) continued their advance, though the selloff in the hardware, semiconductors and memory has become more indiscriminate. Software was the winning area in the tech space as IBM (IBM) bounced back with 4% following its 25% post-pre-announcement decline on Tuesday. Outside of tech, Consumer Defensive, Real Estate, and Healthcare were the top three performing sectors in the S&P 500. In the opening hour of the evening session S&P, E-minis, and Nasdaq 100 contracts are down by about a decimal. In commodities, WTI Crude Oil is back but just barely below $80 per barrel. Precious metals were also under pressure, with Gold moving further below $4000 and Silver now below $56 per ounce. Key earnings afterhours saw.
More pain in the tech arena drove major indices lower on Thursday, with Nasdaq Composite's 1.5% decline seen as the biggest retreat.
The 0.5% decline in S&P 500 also cut into the benchmark's two-day rally as Communication Services - yesterday's best performing sector - was today's worst performing sector, as Alphabet (GOOGL) and Meta Platforms (META) fell 4.4% and 2.5% respectively.
Investors are turning more selective with regards to hyperscalers as Microsoft (MSFT) and Apple (AAPL) continued their advance, though the selloff in the hardware, semiconductors and memory has become more indiscriminate.
Software was the winning area in the tech space as IBM (IBM) bounced back with 4% following its 25% post-pre-announcement decline on Tuesday.
Outside of tech, Consumer Defensive, Real Estate, and Healthcare were the top three performing sectors in the S&P 500.
In the opening hour of the evening session S&P, E-minis, and Nasdaq 100 contracts are down by about a decimal.
In commodities, WTI Crude Oil is back but just barely below $80 per barrel.
Precious metals were also under pressure, with Gold moving further below $4000 and Silver now below $56 per ounce.
Key earnings afterhours saw.