Netflix Inc NFLX shares are trading lower by 6.56% to $214.90 going into the close of Tuesday's trading session. The stock is trading lower despite a lack of company-specific news from the session.
What's Going On In The Broader Market?
Shares of several companies in the broader communications, media and entertainment industry, including Netflix, are trading lower in recent sessions amid overall market weakness following better-than-expected U.S. unemployment data released last Friday. This data has raised concerns over a tight labor market and dimmed the outlook for a Federal Reserve policy pivot.
A recent, marked rise in treasury yields has also weighed on equities. The 10-year U.S. note is hovering around 4.0% during Tuesday's session, representing a near decade high. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
See Also: Why Bitcoin- And Ethereum-Related Stock Argo Blockchain Is Down Over 40% Since Thursday
According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $162.71.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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