The NASDAQ Composite dropped on Friday, notching its worst week since 2020, as sharp losses in streaming giant Netflix dragged the technology-focused index deeper into correction territory.
The Dow Jones Industrials swooned 450.02 points, or 1.3%, to 34,245.37, a loss on a holiday-shortened week of 1,646 points, or 4.86%. Markets were closed Monday for Martin Luther King Day.
The S&P 500 sank 84.79 points, or 1.9%, to 4,397.94, for a weekly loss of 265 points, or 5.68%. Both the Dow and S&P 500 are on track for a third straight week of losses, their worst weeks since 2020.
The NASDAQ crumpled 389.10 points, or 2.7% Friday to 14,039.86, for a weekly loss of 1,125 points, or 7.55%.
The NASDAQ is off to its worst start to the year, through the first 14 trading days, since 2008.
Both the Dow and S&P 500 are on track for a third straight week of losses.
Netflix’s disappointing quarterly report is the latest setback for technology investors. Shares of the streaming giant tumbled 21.8% on Friday after the company’s fourth-quarter earnings report showed a slowdown in subscriber growth. Its competitors’ shares also declined, with Dow component Disney, which operates the Disney+ streaming service, off 6.9%.
Netflix is the first major tech stock to report earnings this season, with Apple and Tesla slated to post earnings next week. Tesla lost 5.3% on Friday. Other tech names like Amazon dropped 6%, and Meta Platforms fell 4.2%.
Meanwhile, Peloton shares rebounded 11.7% on Friday. The maker of interactive fitness bicycles and treadmills plunged 23.9% during regular trading on Thursday after reports that the company is temporarily halting production of its fitness products.
Prices for 10-year Treasurys leaped, lowering yields to 1.76% from Thursday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices ditched 67 cents to $84.88 U.S. a barrel.
Gold prices retreated $9.20 to $1,833.40 U.S. an ounce.