US markets climb; Netflix tumbled 25% on Q1 results; Airlines rallied on mask mandate removal
- The Nasdaq rose 2.2% to close Tuesday’s session at 13,620 points.
- Netflix tumbled 25.65% after-hours on subscribers declining in Q1.
- Airlines rallied after the Transportation Security Admin removed mask mandate.
The US markets rallied across the three key indices on Tuesday as a mostly upbeat earnings season so far boosted stocks higher.
The Dow Jones rose 1.5% to finish the trading day up 500 points to close at 34,911 points.
The tech heavy NASDAQ rose 2.2% to finish the trading day up 287 points to close at 13,620 points with Amazon and Netflix gaining 3.49% and 3.18% respectively.
One bitcoin is worth US$41,480 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 73.91 US cents.
Netflix shares tumbled 25.65% in after-hours trade following the release of the streaming giant’s first-quarter results including an unexpected decline in net subscribers. For the period, Netflix reported revenue of US$7.78bn which fell short of expectations, and net subscribers fell by 200,000 which was also short of the expectation to add 2.51m during the quarter. Netflix also said it expects a further decline of 2m subscribers in the second-quarter.
Shares in US airlines rallied after the Transportation Security Administration removed the requirement of travellers to wear face masks on planes. The decision by the Transportation Security Administration followed a federal judge in Florida ruling that the Centres for Disease Control had overstepped its authority with the mask mandate on planes. Shares in Delta rose 2.11%, American Airlines jumped 5.66% and United Airlines rallied 4.5%.
And the world’s first hamburger vending machine has launched in the US, with the RoboBurger taking just 5 minutes to make the burgers from scratch and is even able to toast the bun, add sauces and grill the patty.
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