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Mohamed Mohamoud

Author and the owner of idman news

May 13, 2021

Idman news

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U.S. stock futures attempt to shake off COVID worries; Netflix weighs on Nasdaq

Stock-index futures were little changed Wednesday as rising COVID-19 infections around the world contribute to worries over global economic growth, while Nasdaq-100 futures saw added pressure after Netflix Inc. reported disappointing subscriber numbers.

What are major indexes doing?
  • Futures on the Dow Jones Industrial Average

    were up 23 points, or 0.1%, at 33,726.

  • S&P 500 futures

    edged up 1.9 points, or less than 0.1%, to 4,128.50.

  • Nasdaq-100 futures

    fell 17.75 points, or 0.1%, to 13,776.50.

Stocks fell for a second day Tuesday, with the Dow

shedding 256.33 points, or 0.8%. The S&P 500

dropped 0.7%, while the Nasdaq Composite

lost 0.9% and the small-cap Russell 2000

slumped 2%.

What’s driving the market?

Stocks have seen a modest pullback after the S&P 500 and Dow ended at records on Friday, with analysts largely tying the decline to concerns about a renewed rise in COVID-19 infections around the world, particularly in India and Japan.

“Sentiment was hurt predominantly due to renewed worries over rising global COVID infections which could slow down the reopening of some economies,” said Fawad Razaqzada, market analyst at ThinkMarkets, in a note. “In the case of U.S. stocks, there was also an element of profit-taking after the major indices had reached or neared record levels with the earnings season in full swing now.”

India reported a record number of cases again on Wednesday, counting more than 200,000 for a seventh straight day. The country’s hospitals are reported to be filling rapidly, it is running out of ICU beds and running low on oxygen. 

News reports said Japanese officials were considering ordering a state of emergency for Tokyo and Osaka due to surging COVID-19 cases.

The softer tone for markets comes as earnings season moved into full swing this week. Results from Netflix Inc.

late Tuesday sent shares of the streaming giant down 8% and was seen weighing on Nasdaq-100 futures.

Therese Poletti: There is a new normal for Netflix, and that is not necessarily a bad thing

Which companies are in focus?


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