Dow Tumbles Over 500 Points; Netflix Shares Tumble After Q2 Results

U.S. stocks traded lower this morning, with the Dow Jones index falling more than 500 points on Friday.

Following the market opening Friday, the Dow traded down 0.98% to 52,037.01 while the NASDAQ dipped 1.77% to 25,422.98 The S&P 500 also fell, dropping, 1.15% to 7,447.23.

Leading and Lagging Sectors Energy shares jumped by 1.6% on Friday.

In trading on Friday, communication services stocks fell by 2.9%.

Top Headline Netflix Inc. (NASDAQ: NFLX ) shares dipped more than 10% on Friday after the company reported mixed second-quarter financial results and issued weak guidance for the third quarter.

Netflix reported second-quarter revenue of $12.56, up 13% year-over-year.

The revenue total missed a Street estimate of $12.59 billion, according to data Pro.

Second-quarter earnings of 80 cents per share beat a Street consensus estimate of 79 cents per share.

Equities Trading UP Southland Holdings Inc (NYSE: SLND ) shares shot up 53% to $1.04 after the company’s joint venture was awarded a contract for the Winnipeg North End Sewage Treatment Plant Upgrade.

Shares of Sadot Group Inc (NASDAQ: SDOT ) got a boost, surging 50% to $21.40 after the company announced plans to acquire TradeIQ predictive-intelligence software layer from Litial for $6 million.

Callan JMB Inc ( NASDAQ: CJMB ) shares were also up, gaining 45% to $1.24 following the announcement that Callan JMB signed a strategic partnership with Alabama State University to build an integrated pharmaceutical manufacturing ecosystem.

Equities Trading DOWN QumulusAI Inc ( NASDAQ: QMLS ) shares dropped 39% to $13.12.

QumulusAI announced it has been approved as an NVIDIA Cloud Partner within the NVIDIA Partner Network.

Shares of Laser Photonics Corp ( NASDAQ: LASE ) were down 28% to $0.84.

Laser Photonics announced exercise of warrants for $2.5 million gross proceeds.

Vivakor inc (NASDAQ: VIVK ) was down, falling 22% to $3.33.

Commodities In commodity news, oil traded up 3% to $81.35 while gold traded up 0.1% at $3,992.20.

Silver traded down 1.4% to $55.415 on Friday, while copper fell 2.2% to $6.2055.

Euro zone European shares were lower today.

The eurozone’s STOXX 600 declined 0.8%, while Spain’s IBEX 35 Index fell 0.9% London’s FTSE 100 slipped 0.4%, Germany’s DAX declined 0.7%, while France’s CAC 40 dipped 0.8%.

Asia Pacific Markets Asian markets closed mostly lower on Friday, with Japan’s Nikkei 225 dipping 4.03%, Hong Kong’s Hang Seng index falling 1.78%, China’s Shanghai Composite dipping 3.05% and India’s BSE Sensex gaining 1.25%.

Economics U.S. industrial production increased 0.1% month-over-month in June, in-line with May’s pace, but down from market estimates of 0.2% growth.

Housing starts surged 19% to an annualized rate of 1427 thousand units in June, while building permits fell by 3% month-over-month to an annual rate of 1.367 million.

U.S. import prices rose by 0.3% month-over-month in June, versus the revised 1.7% gain in May.

U.S. export prices declined 0.6% month-over-month in June, following a revised 1.2% gain in May.

Photo via Shutterstock