
US markets mixed; Netflix rallied on price rise in services; JPMorgan Chase hit by Q4 profit decline
- The Nasdaq rose 0.6% to close Friday’s session at 14,894 points.
- Netflix rallied after announcing a price rise in services for first time since 2020.
- JPMorgan Chase tumbled 6% on Q4 results including profit declining 14%.
The US markets closed mixed on Friday as uninspiring earnings results from some of the biggest banks in the US pulled the Dow Jones lower.
US retail sales data was also released on Friday showing a decline of 1.9% in December as higher prices caused consumers to limit retail spend in the busy holiday season. Consumer discretionary stocks took a hit on Friday following the release of the retail data.
The Dow Jones fell 0.56% to finish the trading day down 202 points to close at 35,912 points.
The tech heavy NASDAQ rose 0.6% to finish the trading day up 87 points to close at 14,894 points with Tesla and Netflix gaining 1.75% and 1.25% respectively.
One bitcoin is worth US$43,203 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 72.14 US cents.
Shares in Netflix rallied on Friday after the streaming giant announced it is increasing prices almost across the board for its subscription services, for the first time since 2020. The Netflix standard plan will rise from US$13.99/month to US$15.49/month, the premium plan will add US$2 to US$19.99/month and the basic plan is rising US$1 to US$9.99/month.
American multinational investment bank JPMorgan Chase tumbled more than 6% on Friday following the release of fourth-quarter results that beat expectations but profits declined. For the quarter, JPMorgan Chase reported EPS of US$3.33/share on revenue of US$30.35bn, well exceeding market expectations, however higher-than-expected expenses led to a 14% decline in Q4 profit to US$10.4bn.
And McDonald’s in Japan is restricting sales of french fries, no longer offering medium or large sizes, due to delays in shipments of potatoes to the country.
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