Today’s highlights
- Wall Street lower
- Netflix falls after hours
- Altcoins lead crypto market
Wall Street continues to decline
All of the major US stock indices were in the red yesterday, with the SPX500 down 0.7% and the DJ30 off by 0.8%. Boeing and Nike were the biggest losers in the DJ30, both falling by more than 4%, while IBM and Johnson & Johnson were bright spots at +3.8% and +2.3%. United Airlines was the worst performer in the SPX500 with an 8.5% loss after it missed both profit and revenue expectations. That dragged down American Airlines and Delta , which closed the day 5.5% and 3.7% lower respectively. This morning the trend is expected to continue, as futures point to a lower opening on Wall Street.
Netflix plummets after underwhelming subscriber figures
In a sign that post-pandemic growth may be harder to come by as Covid-related lockdowns lift, Netflix said that it only expects to add around a million subscribers this quarter after adding close to four million in Q1; well below expectations. The firm’s shares tumbled by more than 10% in after-hours trading. If it opens at that level today, that will put Netflix stock in negative territory year-to-date.
Altcoins show recovery
Several altcoins registered impressive gains over the past 24 hours, including a 16% spike from Binance Coin, a 7% gain from XRP and an uptick of around 8% from Bitcoin Cash and Ethereum. Bitcoin was nearly flat since yesterday, holding above $55,000.
Other highlights
Tobacco stocks weigh on the UK: The UK100 tumbled 2% yesterday, with tobacco giants British American Tobacco and Imperial Brands among the biggest drags. BAT closed the day 7.6% down, while Imperial Brands fell 7.3%.
Asian markets mostly lower: Both the HKG50 and JPN225 indices were in the red this morning. In contrast, the China50 index registered gains of more than 1% at time of writing.
Oil slips: After briefly climbing above $64, oil prices fell yesterday and continued to decline this morning, trading just above $62.
Volatility expected for CAD: The Bank of Canada will release its latest Rate Statement and Monetary Policy Report today at 14:00 GMT, followed by a press conference an hour later. The reports and conference could impact the Canadian dollar.
Kansas City Southern spikes on bidding war: American railroad giant Kansas City Southern yesterday finished more than 15% higher, following reports of a bidding war to acquire it between Canadian National Railway and Canadian Pacific. For the most recent and significant price movements in markets, check out the Market Movers page.
Europe opens mixed: While the UK100 opened 6 points lower, the GER30 was 11 points higher and the FRA40 opened flat.
- Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
- Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
- The information above is not investment advice.
