US stock indices see slight declines ahead of Jackson Hole symposium

(MENAFN) On Tuesday, U.S. stock indices experienced modest declines as investors awaited the upcoming Jackson Hole economic symposium. The Dow Jones Industrial Average decreased by 0.15 percent, translating to a drop of 61 points, and ended the day at 40,835 points. This dip followed a series of five consecutive gains, signaling a pause in the recent upward trend. Similarly, the S&P 500 index fell by 0.2 percent, marking the end of its longest winning streak in nearly ten months, which had lasted for eight consecutive sessions. The Nasdaq Composite Index also recorded a decline of 0.3 percent, influenced by profit-taking activities, particularly affecting Nvidia, whose shares fell by 2 percent.

Despite the broader market's downward movement, Netflix's stock performed exceptionally well. Shares of Netflix surged by 1.5 percent, reaching their highest closing price to date. This remarkable increase in Netflix's stock price added over USD4 billion to the company's market value within a single trading day. The boost in Netflix's share price was driven by a significant rise in advertising commitments, which had increased by 150 percent compared to the previous year. This substantial growth in advertising revenue aligns with the company's positive outlook and growth expectations.

Overall, while major indices saw slight declines, Netflix's impressive stock performance stood out amidst the broader market trends. Investors are now closely watching for any new insights or economic signals that might emerge from the Jackson Hole symposium, which could potentially influence market movements in the near future. 

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