The Dow, which at one point was down more than 800 points, lost 486.27 points, or 1.6%, to close at 29,590.41. The S&P 500 sank 1.7% on Friday, to 3,693.23, its fourth straight drop. Wall Street ended last week with widespread selling, leaving major indexes with their fifth loss in six weeks. Japan's benchmark Nikkei 225 shed 2.6%, Hong Kong's Hang Seng gave up 0.4% and China's Shanghai Composite lost 1.2%. West Texas Intermediate (WTI) crude futures traded around $77.00 a barrel.īrent crude futures traded around $85.00 a barrel.Īsian shares tumbled and the British pound sank further on Monday, reflecting pessimism over efforts by central banks around the world to curb inflation. dollar limits the ability of non-dollar consumers to purchase crude. Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S.

This as the S&P 500 and Nasdaq Composite wrapped the second straight week of losses, retreating to June lows. The average is now sitting at the lowest level since November 2020. The Dow Jones Industrial Average on Friday briefly hit a bear market before bouncing back slightly from a 700-point drop. The major futures indexes suggest a decline of 0.1% when trading begins on Wall Street. following another brutal week for stocks. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.U.S. On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Joining it in metaverse mayhem was Meta Platforms (NASDAQ: FB), formerly known as Facebook, which closed down about 8% today.įinally, it appears even music streaming companies are suffering today, as Spotify (NYSE: SPOT) close down roughly 11%. Roblox (NYSE: RBLX) also was a big loser, with RBLX stock closing down about 12.5%. The Netflix-induced tech crash likely accelerated the e-commerce giant’s bearish trend.

With that said, the company has been in something of a downward spiral since November. Even Tesla couldn’t avoid the bears today, despite excitement and speculation ahead of its after-hours earnings call.Īside from Netflix, Shopify appears to be one of the greatest secondary casualties, dropping more than 13% to close Wednesday. Netflix has had a ripple effect across the markets. Tech Stocks Sink on Netflix Earnings Flop When Spotify’s stock starts trading, it will be unclear who will buy it and for how much if existing holders dump the shares, the price could plunge.

Spotify stock plunge