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Stocks fall as Netflix leads tech weakness


U.S. equities were trading lower on Friday morning after a late Thursday afternoon sell-off wiped out all gains.

The tech-heavy Nasdaq looks to decline by 0.8%, with the S&P 500 about 0.4% lower and the Dow a lesser 0.1%.  

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34715.39 -313.26 -0.89%
SP500 S&P 500 4482.73 -50.03 -1.10%
I:COMP NASDAQ COMPOSITE INDEX 14154.020372 -186.23 -1.30%

The early selling continues to come from technology stocks, with Netflix down more than 19% after posting weaker-than-expected subscriber growth. 

Ticker Security Last Change Change %
NFLX NETFLIX INC. 508.25 -7.61 -1.48%

Elsewhere, Apple and chip stocks Nvidia and AMD were lower. 

Ticker Security Last Change Change %
AAPL APPLE INC. 164.51 -1.72 -1.03%
NVDA NVIDIA CORP. 241.50 -9.17 -3.66%
AMD ADVANCED MICRO DEVICES INC. 121.89 -6.38 -4.97%

This comes as Peloton shares look to recover after hitting a two-year low after CEO John Foley disputed a report that the company is pausing bike and Tread production as demand slips. 

PELOTON STOCK TANKS ON BIKE PRODUCTION HALT REPORT, COMPANY SAYS CLAIMS ARE FALSE

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 24.22 -7.62 -23.93%

The first week of fourth-quarter earnings season ends Friday on a quiet note, with oil services giant Schlumberger, consumer finance firm Ally Financial and regional bank Huntington Bancshares reporting.

Ticker Security Last Change Change %
SCH n.a. n.a. n.a. n.a.
ALLY ALLY FINANCIAL INC. 48.98 -0.01 -0.02%
HBAN HUNTINGTON BANCSHARES INC. 16.68 -0.43 -2.51%

In automakers, Toyota announced it will curb production due to shortages of key parts. The automaker said it will suspend production at 11 plants in Japan for three days, on top of reductions planned in February. Those cuts mean it will fall short of the 9 million vehicles it had targeted.

Ticker Security Last Change Change %
TM TOYOTA MOTOR CORP. 201.47 -0.95 -0.47%

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Cryptocurrencies were also weaker as Bitcoin fell below the $40,000 level. The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.

CLICK HERE FOR FOX BUSINESS’ REAL-TIME CRYPTOCURRENCY PRICING DATA 

On the economic calendar, the Conference Board will report its Leading Economic index for December. Watch for a 0.8% increase from the prior month.

JOBLESS CLAIMS UNEXPECTEDLY RISE TO 286,000, HIGHEST SINCE OCTOBER

 FOX Business’ Ken Martin and The Associated Press contributed to this report.



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