US Stocks Slump to New 2022 Lows; Nasdaq Down 12% This Month as Netflix Dives

Last Updated: Friday, January 21, 2022 4:14 PM | MT Newswires

US stocks extended a weeklong slump Friday, deepening January's market losses.

The S&P 500 dropped 1.9% to 4397.94, down 5.7% for the holiday-shortened week and 7.7% in 2022. The Nasdaq Composite fell 2.7% to 13,768.92, taking its loss this month to 12%. The Dow Jones Industrial Average declined 1.3% to 34,265.37, finishing at session lows alongside the other major indexes.

The 10-year US Treasury yield fell 9 basis points to 1.75%, from the vicinity of a two-year high. West Texas Intermediate crude oil retreated $1.01 to $84.54 per barrel after setting a 7-year high above $89 Wednesday.

Bitcoin plunged more than 10% $38,265, a six-month low.

Netflix (NFLX) shares plummeted 23% after the leading provider of streamed entertainment reported disappointing quarterly subscriber growth and provided forward guidance below estimates despite a new price hike in the US and Canada.

The Conference Board's Leading Economic Index rose 0.8% for December, and the group forecast US economic growth of 3.5% this year despite the expected slowdown to a 2.2% annualized rate in Q1.

The US leading indicators gauge "ended 2021 on a rising trajectory, suggesting the economy will continue to expand well into the spring," said Ataman Ozyildirim, senior director of economic research at the Conference Board.

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