US stock market extends losses, tech sell-off spreads and Netflix drops 7%

Reuters··Read original
3▲0 ▼2Impact / 5
Summary · why it matters

The US stock market extended its decline, with selling in artificial intelligence-related stocks that had led the year-to-date rally spreading across the broader market. All three major indexes fell, posting weekly losses. The Philadelphia Semiconductor Index recorded its steepest weekly drop in over a year, with a month-to-date decline of about 18%, though it remains up roughly 65% year-to-date. Among the mega-cap tech names known as the Magnificent Seven, all except Apple declined, with Meta falling 2.7% and Alphabet down 3.2%. In individual stocks, Netflix tumbled 7.3% after its earnings outlook missed market expectations, while Uber Technologies slipped 2.1% following the announcement of a tender offer for Delivery Hero.

Impact on assets 6

Artificial Intelligence▲
Communication Services▼
Netflix Inc
NFLX
▼ NegativeCapitalrelevance

Netflix's earnings outlook missed market expectations, causing a 7.3% drop.

Robotics & Physical AI▼
Uber Technologies Inc
UBER
▼ NegativeCapitalrelevance

Uber slipped 2.1% following the announcement of a tender offer for Delivery Hero, which may signal capital deployment concerns.

Consumer Discretionary▲
Delivery Hero SE
DHER
± MixedCapitalrelevance

Delivery Hero is the target of Uber's tender offer; the impact is unclear without further details on the offer's terms and reception.

Spatial Computing / AR/VR▲