Investing.com — The S&P 500 closed below the 5,000 level on Friday, ending the week with its sixth straight daily loss after Netflix and Nvidia took the lead.
At 4:00 PM ET (20:00 GMT), the price fell 0.9% to close at 4,966.63, fell 2.1% and rose 211 points or 0.6%.
Netflix slumps over plans to stop reporting quarterly subscriber data; Nvidia plummets again
Netflix Inc (NASDAQ:) said it would stop reporting quarterly membership numbers and average revenue per membership starting next year, beginning in the first quarter of 2025. The announcement overshadowed the video streaming giant’s better-than-expected first-quarter results, sending Netflix shares up more than $9. % lower.
In addition to the Netflix slump, other tech giants including Amazon (NASDAQ:), Microsoft Corporation (NASDAQ:), Alphabet (NASDAQ:), Apple Inc (NASDAQ:) and Meta Platforms Inc (NASDAQ:) were also in the red, with the latter falling 4% after Apple said it would pull Meta’s Instagram and thread apps from the App Store in China under pressure from Beijing’s internet regulator.
NVIDIA Corporation (NASDAQ:) fell 10%, adding to recent losses, as investors look to continue taking profits on the stock ahead of next month’s gains.
American Express in terms of profit it is a pleasure, but Procter & Gamble’s turnover is lagging behind
Shares of Procter & Gamble (NYSE:) rose 0.5% after the consumer goods giant’s third-quarter net sales fell short of expectations, while its annual profit forecast was raised as commodity prices fell.
Shares of American Express (NYSE:) rose 6% after the financial services company’s first-quarter profit beat expectations, driven by an affluent customer base that increased spending as recession fears faded Friday.
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Critically important for new deals; Tesla recalls cyber trucks
Shares of Paramount Global (NASDAQ:) subsequently rose 13% The entertainment giant’s blockbuster sale to David Ellison’s Skydance Media may be at significant risk of falling short as Sony and Apollo Global Management (NYSE:) prepare to make “a significantly better offer that will benefit everyone.” shareholders of the company,” an insider told Investing.com exclusively.
Tesla Inc (NASDAQ:) fell nearly 2% as the electric vehicle maker recalled nearly 3,900 of its Cybertrucks due to a faulty accelerator pedal, the U.S. National Highway Traffic Safety Administration said in a recall report.
halving event coming
Bitcoin () recovered after briefly dipping below $60,000 as many wait for the soon ‘halving’.
Halving events, which occur once every four years, halve the amount of bitcoin produced by miners on the bitcoin blockchain or network — hence ‘halving’.
Since its inception in 2009, three halving events have occurred that have reduced Bitcoin’s supply growth from 25% to just under 2% currently.
(Peter Nurse, Ambar Warrick contributed to this article.)
