Wall Street ends high with positive earnings, Netflix to gain momentum with customer growth in third quarter

On Wall Street, key indices ended slightly high yesterday with the tech-heavy Nasdaq booking a 1.6 percent gain on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed.

So, the Dow Jones Industrial Average gained 48 points, or 0.2 percent, to end at 31,875. The S&P 500 moved up 23 points, or 0.6 percent, to close at 3,960. And the Nasdaq Composite climbed 185 points, or 1.6 percent, to 11,898.

Netflix shares shot up 7.4 percent after the company predicted it would return to customer growth during the third quarter while posting a smaller-than-expected 1 million drop in subscribers in the second quarter.

Other high-growth stocks also rose with Apple, Amazon, Microsoft Corp, and Meta Platforms climbing between 1 percent and 4.2 percent.

Electric vehicle maker Tesla advanced 2 percent in extended trading after reporting a rise in quarterly profit after the bell.

Meanwhile, analysts expect aggregate, year-on-year, S&P 500 profit to grow 5.9 percent in this reporting season, lower from the 6.8 percent estimate at the start of the quarter, according to Refinitiv data.

Most Read
View All arrow-right

No posts found.