Tech Triumphs: Nasdaq and S&P 500 Surge as Netflix Shines
Shares of Netflix soared in premarket trades after surpassing subscriber growth estimates. Apple and Nvidia also saw gains, boosting the Nasdaq and S&P 500 futures. However, CVS Health dipped following a CEO change. Financial and economic data trends suggest a continued overall market rally.
Shares of Netflix climbed significantly in premarket trading after the company surpassed Wall Street expectations for subscriber growth, projecting continued success through year-end. This boost pushed technology shares higher and supported futures gains for both the S&P 500 and Nasdaq on Friday.
Other tech giants also contributed positively, with Apple advancing 2%, reflecting strong iPhone sales in China, and Nvidia following suit with a 1.2% rise. The semiconductor sector saw a lift from TSMC's strong results, enhancing investor optimism.
Despite these gains, CVS Health experienced a nearly 10% decline after announcing a leadership change, overshadowing broader market trends. Analysts remain cautiously optimistic about the sustained rally, noting possible vulnerabilities due to high valuations and unmet earnings expectations.
(With inputs from agencies.)
ALSO READ
Tech Stocks Boost Indices as Netflix Soars on Subscriber Growth
India exported software; in future, India will export AI, says Nvidia CEO.
PM Modi told me India shouldn't export data to import intelligence, should not export flour to import bread: Nvidia CEO.
Infosys and NVIDIA Revolutionize Enterprise AI with Launch of Small Language Models
Reliance and Nvidia are partnering to build AI infrastructure in India, says Nvidia CEO Jensen Huang.