US: Stocks edge higher after two down sessions
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[NEW YORK] Wall Street stocks edged higher early Wednesday after two down sessions, while Netflix shares tumbled on disappointing subscriber growth figures.
Equities have been under pressure this week despite mostly strong earnings as investors ponder whether stocks have much more upside after a series of records in early 2021.
Some analysts have also pointed to spiking Covid-19 cases in India, Japan and other countries that could threaten the economic recovery.
About 35 minutes into trading, the Dow Jones Industrial Average was up 0.4 per cent to 33,966.04.
The broad-based S&P 500 gained 0.3 per cent to 4,147.23, while the tech-rich Nasdaq Composite Index added 0.1 per cent at 13,805.46.
Among individual companies, Netflix dropped 7.1 per cent despite blowout earnings, as it projected lower-than-expected new subscribers.
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Netflix executives said the slowing membership growth points to "big Covid-19 pull forward in 2020" and a hit in new shows due to production delays caused by the pandemic.
AFP
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