US stocks dipped on Wednesday, pulled lower by a dramatic drop in streaming service Netflix, despite encouraging earnings reports elsewhere, which suggested companies could resist the effect of rising inflation and slowing economic growth.
Netflix fell 35 per cent on Wednesday after delivering a gloomy update the evening prior, the biggest loser in both the tech-heavy Nasdaq index and the blue-chip S&P 500. The Nasdaq closed the day down 1.2 per cent, while the S&P ended the day down 0.1 per cent.
The Netflix results soured investors on the sector more broadly, with Walt Disney — the owner of Disney Plus — down 5.6 per cent, Roku down 6.2 per cent and music streamer Spotify down 10.9 per cent.
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