Sign up Canada
Proactive Investors - Run By Investors For Investors

Wall Street shares seen lower as Netflix plunges; European benchmarks generally in the red

The Dow Jones Industrial Average closed up nearly 45 points to 25,064, while the S&P 500 lost 2.88
Wall Street shares are poised to go lower at the bell Tuesday

After a mixed close, US stocks are set for a lower start on Tuesday, while European indices are also generally lagging.

Wall Street closed generally higher on Monday boosted by the likes of financial stocks like JPMorgan Chase & Co (NYSE:JPM) and Goldman Sachs Group Inc (NYSE:GS) ahead of its earnings today.

Also Bank of America Corporation (NYSE:BAC) helped the market higher after it posted a quarterly earnings beat.

The Dow Jones Industrial Average closed up nearly 45 points to 25,064, while the S&P 500 lost 2.88, while the Nasdaq was down around 20 points.

In futures trade  today, the Dow Jones  lost around 14, while the Nasdaq shed nearly 15 and the broader-based S&P 500 shed four points.

The big corporate story of the day comes from streaming media services titan Netflix Inc (NASDAQ:NFLX), which is down nearly 12% in before-the-bell New York trade to US$352.65 as it disappointed with second quarter results.

"Investors in Netflix are suffering a rare reverse today as the shares are tumbling amid disappointment over the company’s subscriber addition number for the second quarter of the year. said Russ Mould, AJ Bell's investment director.

"But nerves over the subs figure relay reflect the company’s lofty valuation and how the company is still a long way from generating the sort of cash flow that would justify its $155 billion market capitalisation."

In London, FTSE 100 is down around eight points at the time of writing to 7,593 after  a jobs  report didn't really provide a catalyst but showed a fall in wage growth, while  the German DAX is down nearly 14 and France's CAC 40 is down 11.63.

In Asia overnight, there was a mixed picture in the markets. The Nikkei 225 in Japan  added around 100 points, while the Shanghai Composite Index lost nearly 16.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use