Mega-cap stocks fall after Netflix begins the day with poor earnings

Topics Nasdaq | big tech stocks | Netflix

Photo: Shutterstock
The S&P 500 and the Dow Jones indices were higher on Wednesday after sliding for two straight sessions, while the Nasdaq remained muted as Netflix kicked off quarterly earnings for technology behemoths with a disappointing report.


The streaming service provider tumbled 7.1 per cent as it reported slower subscriber growth in the first quarter after a pandemic boom. Shares of mega-cap firms, including Apple,, Facebook and Tesla, fell between 0.3 per cent and 1.8 per cent.


In Asia, shares skidded, led by drops in technology companies and banks.


Worsening coronavirus outbreaks in Asia have cast a shadow over prospects for a rebound from the pandemic. Tokyo's Nikkei 225 fell more than 2% and other benchmarks also declined.           


The rising caseloads are straining medical systems from Japan to India and leading to a restoration of pandemic precautions such as travel restrictions, quarantine requirements and a dimming of nightlife.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel