NEW YORK, April 20 — The tech-heavy Nasdaq fell today as streaming giant Netflix slumped after shedding subscribers for the first time in a decade, stoking worries among investors about their bets on high-growth companies set to report results.
“Technology saw a huge surge in earnings coming off Covid lows, now the bar is quite high. It could be a struggle for technology this earnings season,” said Ryan Detrick, chief market strategist at LPL Financial. The communication services sector declined 3.3 per cent, leading losses among the 11 major S&P 500 sectors.Consumer giant Procter & Gamble gained 2.6 per cent after raising its annual sales forecast and IT giant IBM Corp jumped 6.3 per cent as it forecast hitting the top end of its 2022 revenue growth estimate.
Investors will be focus on the Federal Reserve’s “Beige Book” on economic conditions from late February to early April for further details on the monetary policy tightening plans.