Fed, Netflix Earnings Cast Clouds Over 2023’s Tech-Stock Surge
- About 170 S&P 500 companies report earnings next week
- Fed decision on Wednesday, Powell comments are key for growth
Photographer: Spencer Platt/Getty Images
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There’s growing concern on Wall Street that the twin engines of this year’s tech-stock surge are at risk of sputtering.
That was evident Thursday, when the technology-heavy Nasdaq 100 Index dropped by the most in five months as disappointing earnings reports from Netflix Inc. and Tesla Inc. dampened the outlook for the sector. At the same time, strong employment data underscored worries that the Federal Reserve may not be on the verge of ending its most aggressive monetary policy tightening in decades.