Last week.
That was the worst week for the S&P all year long.
Well, scratch that. This week is now the worst week for the
S&P 500. All week long, a break below 5000.
A line in the sand that a lot of people have had their eye on.
A big drag coming from big tech. In fact, on a weekly basis, nearly 100
companies in the S&P actually managed to finish out the week in the green.
The Nasdaq 100 was the biggest decliner on the day among the major indices, down
about 2%. And that was led by some big drags from
big tech, including in video and Netflix as well.
This has been become part of that global story.
Scarlett, the idea here that everything that sort of led this market higher
through the first three months of the year to start April.
That has been completely out of the picture.
It's not clear if this is a regime change or this is just a little bit of
people taking money off the table. But you talk about Nvidia finishing the
day down 10%, $762 a share. Of course, for the year, it's still up
around 50%. But for today, it lost more than $214
billion in market value and it led other AI related names lower.
No specific catalyst. And maybe that's the that's the concern
here. It's just people kind of reassessing the
story that's been driving and supporting these stock prices.
Netflix moving lower by 9% despite a blowout first quarter.
The problem here is that Netflix gave a fairly tepid forecast for this quarter
and its plan to stop reporting subscriber numbers starting next year
marks a clear shift in Netflix's focus to more conventional metrics like sales,
like profit and American Express. One of the better performers in the Dow
Industrials gaining about 6% on the day, revenue topping analyst estimates.
And Amex affirmed its full year outlook as customers continue to sign up for its
premium cards, like the platinum card, which carries a $695 annual fee.
And that brings us to our top story this hour, because Amex's latest results
prove that consumers are still spending, particularly at the high end.
But how do retailers who cater to these high end shoppers best positioned
themselves to capitalize on this demand? There's no one size fits all solution.
It could involve going private. It could involve acquiring your
competitor or maybe expanding your offerings through more categories.
