Futures fall as Middle East tensions simmer, Netflix slumps

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U.S. stock index futures slipped on Friday as investors turned risk-averse following reports of an escalation in the Middle East conflict. Israel launched an attack on Iranian soil on Friday, sources said, in the latest tit-for-tat exchange between the two arch foes. The CBOE Volatility index, also known as Wall Street's "fear gauge", was up 1.83 points at 19.83, its highest level in more than five months. On the earnings front, Netflix slumped 6.3% in premarket trading following the streaming video pioneer's lackluster second-quarter forecast. Shares of other streaming services providers such as Walt Disney and Roku dropped 1.3% and 1.5%, respectively. The S&P 500 and the Nasdaq closed lower for the fifth straight session on Thursday, as economic data and comments from Fed officials suggested that the U.S. central bank was unlikely to cut interest rates in the near future. Equities were rattled this week as investors readjusted their expectations over by how much the Fed would cut rates this year. Money markets are now pricing in about 40 basis points of cuts from the central bank, down from around 150 bps seen at the beginning of 2024. Most megacap growth stocks also slipped, with Apple, Nvidia, Meta Platforms and Tesla down between 0.4% and 1.9%. Shares of Paramount Global jumped 10.7% after a person familiar with the matter told Reuters that Sony Pictures Entertainment and Apollo Global Management are discussing making a joint bid for the company.

#StockMarket #MiddleEastTensions #Netflix

https://finance.yahoo.com/news/futures-fall-middle-east-tensions-094423203.html