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Stocks Drop to Begin Week's Last Session

GOOG

Stocks rose on Friday, rebounding from losses in the previous session, as investors looked past a sharp decline in streaming giant Netflix.

The Dow Jones Industrials docked 16.21 points to 26,718.50.

The S&P 500 deducted 1.29 points to 3,216.86.

The NASDAQ slid 9.74 points to 10,464.09.

The Dow is up 2.6% this week, while the S&P has advanced 1%, on pace for their third straight weekly gain. However, the tech-heavy NASDAQ has fallen more than 1%, on track to post its first weekly loss in three.

Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down more than 5%. The company's weak guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock.

Those results come as Netflix, along with other major tech stocks, have struggled this week. Facebook, Amazon, Alphabet and Microsoft are all down week to date.

More than 3.5 million coronavirus cases have been confirmed in the U.S., according to Johns Hopkins University. Some states, including California, Florida and Texas, have had to roll back reopening measures to curb a recent spike in cases.

Prices for the 10-Year Treasury were unchanged, keeping yields at Thursday's 0.62%.

Oil prices sank 11 cents to $40.64 U.S. a barrel.

Gold prices regained $8.80 to $1,809.10 U.S. an ounce.



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