Friday's Stock News After Five Straight Down Days
Date
4/19/2024 6:12:36 AM
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Friday's Stock News After Five Straight Down Days
After rising for as long as what seemed to be too good to be true, the S&P 500 (SPY) fell for a fifth straight day on Thursday. This is the worst week in nearly six months.
Today, Netflix (NFLX) will pull back by around 5%. Shares traded at a 35.9 times forward price-to-earnings ratio ahead of the first-quarter earnings report. The firm added 9.33 million paid net additions and now has $269.6 million. Despite revenue increasing by 15% to $9.37 billion and $2.63 billion in operating income, up by 54%, markets are worried.
Netflix will stop disclosing its quarterly membership figures. Instead, shareholders must rely on overall free cash flow and profits.
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Q1 earnings are not leading the market's direction. For example, Taiwan Semiconductor (TSM) posted strong revenue growth, despite seasonally weak smartphone markets. TSM stock dropped by 4.86% yesterday.
Anticipation for the Fed delaying rate cuts until at least September hurt the market's sentiment. REITs are especially vulnerable. REITs are in a steep correction phase. Their cash flow is less attractive to investors when rates remain high. Prologis (PLD) lost 12.94% last week and American Tower (AMT) fell by 4.3%. Conversely, Realty Income (O) and W.P. Carey are mostly unchanged in that time.
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