Stock Futures – Stocks Hit Information on Upbeat Earnings

Rising shares of Netflix and different expertise firms pushed main stock indexes to recent data Wednesday, reviving Wall Street’s urge for food for progress stocks.

Shares of the streaming big jumped 17%, Netflix’s largest single-day achieve in additional than 4 years. The rally got here after the corporate reported better-than-expected outcomes for the latest quarter, displaying that it had greater than 200 million subscribers on the finish of final yr. The corporate additionally mentioned it has sufficient cash to fund additional progress with out having to imagine extra debt and it’s contemplating shopping for again a few of its stock.

Traders took the outcomes as an indication that streaming firms and different tech companies stay clear winners because the Covid-19 pandemic continues to unfold throughout the U.S. With hundreds of thousands of People spending massive chunks of time at dwelling, many have handed the time by streaming motion pictures and tv reveals.

The outcomes sparked a broader stock-market rally, lifting shares of different streaming firms, together with Disney, in addition to Apple, Alphabet, Fb and different tech stocks.

The S&P 500 completed up 52.94 points, or 1.4%, to 3851.85, a brand new closing excessive. The Nasdaq Composite rose 260.07 points, or 2%, to 13457.25, additionally notching a file shut. The Dow Jones Industrial Common completed at a recent excessive as nicely after rising 257.86 points, or 0.8%, to 31188.38.