Netflix Leads the Way to a Rough Day on Wall Street

All the major indexes fall hard again
By Newser Editors and Wire Services
Posted Jan 21, 2022 3:12 PM CST
Netflix Leads the Way to a Rough Day on Wall Street
In this photo provided by the New York Stock Exchange, specialist Michael Pistillo, left, works with colleagues at his post on the floor Friday, Jan. 21, 2022.   (Courtney Crow/New York Stock Exchange via AP)

Stocks wrapped up another losing week on Friday as 2022 continued its miserable start on Wall Street. The Dow fell 450 points, or 1.3%, to 34,265; the S&P 500 fell 84 points, or 1.8%, to 4,397; and the tech-heavy Nasdaq fell 385 points, or 2.7%, to 13,768. The Nasdaq has been hit particularly hard by expectations for higher interest rates, per the AP. As investors prepare for higher interest rates, shares in pricey tech companies and other expensive growth stocks look relatively less attractive. After four straight weeks of losses, the Nasdaq is now in what's considered correction territory.

“The market is working through digestion of how much monetary policy change will occur over the course of 2022,” said Bill Northey, senior investment director at US Bank Wealth Management. Technology and communications stocks were among the biggest weights on the market. Streaming video service Netflix plunged 23.1% after it delivered another quarter of disappointing subscriber growth. Disney, which has also been trying to grow its subscriber base for its streaming service, fell 6.9%. A mix of retailers, travel-related companies, and other companies that rely on direct consumer spending also fell.

(More stock market stories.)

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