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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
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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.


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