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Semiconductor stocks slump as Netflix outlook weighs on tech shares

The Nasdaq Composite was 1.7% lower by 10 a.m. Eastern, while the 10-year Treasury yield eased to 4.52%.

Reported · Written up by our desk · Sectors

Wall Street ended lower on Friday as investors pressed a selloff in semiconductor shares amid valuation concerns, and sentiment in the technology sector was hit further by a disappointing outlook from Netflix, according to LiveMint Markets. As of 10 a.m. Eastern Time, the S&P 500 was down 0.8%, the Dow Jones Industrial Average fell 0.1%, and the Nasdaq Composite dropped 1.7%.

At the open, the Dow was down 126.5 points, or 0.24%, to 52,426.46. The S&P 500 fell 86.2 points, or 1.14%, to 7,447.52, and the Nasdaq Composite slipped 469.7 points, or 1.81%, to 25,412.259.

Bond markets also shifted as the yield on the benchmark 10-year US Treasury note eased to 4.52%, from 4.57% in the prior session. Nvidia tumbled about 4%, and Netflix slid 10.6% after reporting quarterly revenue of $12.6 billion that narrowly missed Wall Street expectations, while annual revenue growth of 13.4% marked its slowest pace of expansion in nearly three years.

Outside major tech names, SpaceX fell 4.7% to $124.85 after cancelling a planned rocket launch due to engine issues that triggered an automatic abort. In commodities, spot gold was flat at $3,970.35 per ounce by 9:32 a.m. EDT as escalating US-Iran tensions supported crude prices and stoked inflation worries, LiveMint Markets reported.

Latest closeGold $3,981.40 ▼1.6%|WTI crude $79.00 ▼0.8%|S&P 500 7,533.77 ▼0.5%

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