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Stock market today: S&P 500 heads for record, longest weekly win streak of 2024 as Netflix surges

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Netflix News

Nasdaq Composite,Big Tech,Corporate Results

The major gauges are on track for a sixth weekly win in a row after a strong start to earnings season.

US stocks were poised for records and impressive streaks Friday as Netflix delivered powerful earnings and set the stage for Big Tech's corporate results in the coming days. The S&P 500 added about 0.5% and eyed a fresh all-time high, as well as its sixth straight week of gains, which would be the longest streak in 2024. The tech-heavy Nasdaq Composite moved up 0.8%, leading gains.The Dow Jones Industrial Average rose 0.2% after hitting a fresh record closing high the day before.

The major stock gauges are all on track for weekly wins after a strong showing by big banks to kick off earnings season. Netflix's results late Thursday relieved some worries that Big Tech names might struggle in the third quarter as they did in the last. The streaming giant's profit surged to outstrip Wall Street estimates, while revenue and subscriber growth also came in stronger than expected. Its shares jumped around 10% in afternoon trading.

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