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Stocks fall as Netflix leads tech weakness


U.S. equities were trading lower on Friday morning after a late Thursday afternoon sell-off wiped out all gains.

The tech-heavy Nasdaq looks to decline by 0.8%, with the S&P 500 about 0.4% lower and the Dow a lesser 0.1%.  

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34715.39-313.26-0.89%
SP500S&P 5004482.73-50.03-1.10%
I:COMPNASDAQ COMPOSITE INDEX14154.020372-186.23-1.30%

The early selling continues to come from technology stocks, with Netflix down more than 19% after posting weaker-than-expected subscriber growth. 

TickerSecurityLastChangeChange %
NFLXNETFLIX INC.508.25-7.61-1.48%

Elsewhere, Apple and chip stocks Nvidia and AMD were lower. 

TickerSecurityLastChangeChange %
AAPLAPPLE INC.164.51-1.72-1.03%
NVDANVIDIA CORP.241.50-9.17-3.66%
AMDADVANCED MICRO DEVICES INC.121.89-6.38-4.97%

This comes as Peloton shares look to recover after hitting a two-year low after CEO John Foley disputed a report that the company is pausing bike and Tread production as demand slips. 

PELOTON STOCK TANKS ON BIKE PRODUCTION HALT REPORT, COMPANY SAYS CLAIMS ARE FALSE

TickerSecurityLastChangeChange %
PTONPELOTON INTERACTIVE INC.24.22-7.62-23.93%

The first week of fourth-quarter earnings season ends Friday with oil services giant Schlumberger which said profits jumped 86% to $0.41 per share. 

Consumer finance firm Ally Financial said profits of $1.79 per share were down from $1.82 in the same period a year ago partly tied to costs related to the acquisition of Fair Square Financial and regional bank Huntington Bancshares is also reporting.

TickerSecurityLastChangeChange %
SCHn.a.n.a.n.a.n.a.
ALLYALLY FINANCIAL INC.48.98-0.01-0.02%
HBANHUNTINGTON BANCSHARES INC.16.68-0.43-2.51%

In automakers, Toyota announced it will curb production due to shortages of key parts. The automaker said it will suspend production at 11 plants in Japan for three days, on top of reductions planned in February. Those cuts mean it will fall short of the 9 million vehicles it had targeted.

TickerSecurityLastChangeChange %
TMTOYOTA MOTOR CORP.201.47-0.95-0.47%

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Cryptocurrencies were also weaker as Bitcoin fell below the $40,000 level. The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.

CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA 

Additionally, Robinhood Markets is rolling out crypto wallets to a 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, according to a company blog post.

TickerSecurityLastChangeChange %
HOODROBINHOOD MARKETS INC.13.69-0.20-1.44%

On the economic calendar, the Conference Board will report its Leading Economic index for December. Watch for a 0.8% increase from the prior month.

JOBLESS CLAIMS UNEXPECTEDLY RISE TO 286,000, HIGHEST SINCE OCTOBER

 FOX Business’ Ken Martin and The Associated Press contributed to this report.



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