Tech Stocks Propel Nascent Growth as Netflix Surges

The S&P 500 and Nasdaq rose, buoyed by technology stocks and Netflix's impressive subscriber growth, while CVS shares slumped after a leadership change. The Dow dipped, primarily due to American Express missing earnings expectations. Financial earnings and economic data have kept the market upbeat, though concerns lurk over stock valuations.

The S&P 500 and the technology-oriented Nasdaq bolstered their standings on Friday, with substantial contributions from technology stocks and Netflix's strong performance, which exceeded Wall Street's subscriber growth projections. The streaming giant's shares surged 9.8% to a record high, backed by expectations of sustained growth.

This momentum helped Communication Services outpace other sectors in the S&P 500, monitoring a 1.3% uptick. Meanwhile, the Energy and Consumer Staples sectors faced downward pressures, primarily due to SLB and Procter & Gamble's underwhelming results, which saw declines of 2.4% and 0.8%, respectively.

Amid these movements, Netflix's gains contrasted with the dip in Dow Jones Industrial Average by 0.25%, dragged down by American Express's disappointing earnings. Nonetheless, positive earnings from financial firms and robust economic data promise a sixth consecutive week of market gains, despite looming concerns over high stock valuations.

(With inputs from agencies.)