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Wall Street Investors Take A Breather

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The stock exchanges in New York showed small increases at the start of the trading day on Wednesday. After five sessions of mostly gains in a row, stock traders slowed down a bit.

 

Video streaming service Netflix was lowered after a quarterly update, while investors are also looking forward to Tesla’s numbers. The maker of electric cars opens the books after the close of trading on Wall Street.

The Dow-Jones index was a fraction higher after a few minutes of trading at 34,472 points. The broad-based S&P 500 gained 0.1 percent to 4,526 points. Tech exchange Nasdaq also rose 0.1 percent, to 15,150 points.

Netflix gained 4.4 million subscribers in the quarter, far more than the company had anticipated. The worldwide hit series Squid Game contributed to this. For the current quarter, Netflix predicts that a strong series of series and films that the company will release will lead to further subscriber growth. Despite this, the Netflix share fell 3.2 percent, partly due to profit-taking.

Facebook rose 0.6 percent. The social media company would like to change its name. This should weaken the association with the social network Facebook. In addition, Facebook in the United Kingdom was fined almost 60 million euros for not complying with the rules of an investigation into the takeover of video service Giphy.

Telecom company Verizon (plus 1.4 percent) achieved more profit than expected in the third quarter, partly due to the proceeds from the sale of its media branch. Analysts’ turnover was a bit disappointing. United Airlines surprised with stronger than anticipated results. The airline said that the recovery from the corona crisis has been somewhat delayed but that the demand for air travel is now increasing again. The stock fell 0.3 percent.

Vaccine producer Novavax tumbled almost 18 percent. The news site Politico reported that the American company is struggling to demonstrate that it can manufacture a corona vaccine that meets the quality requirements of regulators. The problems are said to be more serious than reported so far.

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