NEW YORK: Strong earnings from Netflix lifted Wall Street stocks early Wednesday, with other large tech companies following the streaming giant higher.
Netflix added 13 million subscribers in the final quarter of 2023, boosting profits as it also announced a new venture with the WWE professional wrestling juggernaut.
Shares of Netflix surged 11.5 percent, while other tech companies that report in the coming days such as Amazon and Meta Platforms also moved higher.
US stocks open mixed amid slew of company earnings
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.3 percent at 38,022.06.
The broad-based S&P 500 gained 0.5 percent to 4,889.88, while the tech-rich Nasdaq Composite Index jumped 0.8 percent to 15,542.22.
Both the Dow and S&P 500 have notched fresh records in recent days as markets anticipate easing US monetary policy while inflation abates.
Analysts have described earnings thus far as solid.
Among other companies reporting results, diaper and paper product brand Kimberly-Clark dropped nearly five percent after reporting weaker than expected earnings due in part to unfavorable currency movements.
Comments
Comments are closed.