U.S. Stocks Mixed Ahead of Fed Minutes; Netflix Sinks 38% After Subscriber Miss
2022.04.20 17:32
By Liz Moyer
Investing.com — U.S. stock markets were mixed on Wednesday ahead of the release of the Federal Reserve’s minutes of its last policy meeting.
At 10:11 AM ET, theDow Jones Industrial Average was up 202 points, or 0.6%, while the S&P 500 was flat and the NASDAQ Composite was down 0.8%.
Netflix Inc (NASDAQ:NFLX) was the big story of late Tuesday, falling 25% in after-hours trading after a big miss on subscription numbers for the first quarter and a warning that it could lose 2 million subscribers in the current quarter that ends in June. The stock was down 38% on Wednesday.
The Fed’s minutes come out at 2:00 PM ET, and they are expected to detail the policy makers’ thinking on inflation and future rate decisions. The central bank is widely expected to raise rates by a half-point at its next policy meeting in May.
Shares of International Business Machines (NYSE:IBM) rose 5% after beating expectations for earnings late Tuesday, while Procter & Gamble Company (NYSE:PG) rose 2% after beating estimates on Wednesday.
The United States 10-Year Treasury dipped to 2.88% after rising above 2.9% on Tuesday. Crude oil prices languished, with Crude Oil WTI Futures falling 0.2%, to $101 a barrel and Brent Oil Futures crude, the international benchmark, falling 0.4% to $106 a barrel. Gold Futures fell 0.3% to $1953/oz.
