Nasdaq drops as Netflix subscriber numbers weigh on tech

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Reuters

By David French (Reuters) – The tech-heavy Nasdaq dropped on Wednesday as Netflix’s surprise decline in subscribers weighed on both the streaming giant and other high-growth companies, which investors feared may face similar post-pandemic performance issues. By contrast, the blue-chip Dow was driven to a second-successive higher close by positive earnings from consumer giant Procter & Gamble and IT firm IBM Corp. The duo rose 2.7 and 7.1% respectively. Netflix Inc plunged 35.1%, its largest one-day fall in over a decade, after it blamed inflation, the Ukraine war and fierce competition for the…

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