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  3. US markets end mostly in red on Wednesday

US markets end mostly in red on Wednesday

21 Apr 2022 Evaluate

The US markets ended mostly in red on Wednesday. A steep drop by shares of Netflix weighed on the Nasdaq, with the streaming giant plummeting by 35.1 percent to its lowest closing level in four years. The sell-off by Netflix came after the company reported the loss of 200,000 subscribers during the first quarter, making the first decrease in subscribers in over a decade. Besides, there was cautiousness in the markets after the Federal Reserve released its Beige Book, which said US economic activity has expanded at a moderate pace since mid-February. The Fed noted consumer spending accelerated among retail and non-financial service firms, as Covid-19 cases tapered across the country. Manufacturing activity was also described as solid overall, although the Fed said labor market tightness and elevated input costs continued to pose challenges on firms’ abilities to meet demand.

The elevated input costs came as inflationary pressures remained strong, with firms continuing to swiftly pass rising costs on to customers. While firms were generally allowed to pass through higher input cost to customers due to strong demand, the Fed noted some districts saw negative sales impacts from rising prices. On the economic data front, the National Association of Realtors (NAR) released a report showing existing home sales saw further downside in the month of March. NAR said existing home sales slumped by 2.7 percent to an annual rate of 5.77 million in March after plunging by 8.6 percent to a downwardly revised rate of 5.93 million in February. Street had expected existing home sales to tumble by 3.7 percent to a rate of 5.80 million from the 6.02 million originally reported for the previous month.

Nasdaq fell 166.59 points or 1.22 percent to 13,453.07 and S&P 500 was down by 2.76 points or 0.06 percent to 4,459.45, while Dow Jones Industrial Average surged 249.59 points or 0.71 percent to 35,160.79.

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