ASX to gain, Wall Street falls as Netflix stocks plummet

Australian shares are set to rise on Thursday, after a mixed day on Wall Street, where Netflix's dramatic fall weighed on the tech-heavy Nasdaq bourse.Tech stocks weighed on Wall Street overnight, with Nasdaq closing 1.2 per cent lowerThe Dow Jones Industrial Average rose 249.59 points, or 0.71 per cent, to 35,160.79, the S&P 500 lost 2.76 points, or 0.06 per cent, to 4,459.45, and the Nasdaq Composite dropped 166.59 points, or 1.22 per cent, to 13,453.07.

Netflix Inc plunged 35.1 per cent, its largest one-day fall in more than a decade. The company blamed inflation, the Ukraine war and fierce competition for its subscriber decline and predicted deeper losses ahead. "I think the market is beginning to comprehend that, and will need to comprehend that as we go through the year."

Meanwhile, Tesla fell 5 per cent, but was trading higher after the close, after posting record deliveries and higher revenue in its first-quarter results.

I joined Netflix because TV stations have so much crap, I don't turn on the TV anymore. Now I'm finding Netflix & Disney are going down the same path.

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Strong earnings protect Wall Street from bond sell-offNearly 80 per cent of S&P 500 companies that have reported first quarter earnings have beat analyst expectations, despite warnings of slowing earnings growth. Representing only 10% of companies who are to report this quarter.
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