Netflix Inc NFLX shares continue to charge higher Thursday, adding to a strong move above the $300 level earlier this week.
What's Going On: Netflix shares surged higher Wednesday afternoon alongside the broader market as Federal Reserve Chair Jerome Powell provided insights during a Brookings Institution speech, suggesting the Fed may begin slowing the pace of rate hikes as soon as this month.
The broader markets are pulling back Thursday following new PCE and jobless claims data, but Netflix continues to surge.
So What Else Is Happening: Netflix co-founder and co-CEO Reed Hastings showed confidence in the company's share price trajectory, as well as its ability to beat the competition Wednesday afternoon at the DealBook Summit.
Hastings attributed the stock slump to investors being scared that the competition will beat Netflix in streaming, per a tweet from CNBC's Alex Sherman.
Netflix will have to show investors that the competition can't win, Hastings said.
Viewers spent a total of 341.23 million hours watching "Wednesday" episodes in its first week.
NFLX Price Action: Netflix has a 52-week high of $654.52 and a 52-week low of $162.71.
The stock was up 3.96% at $317.50 at time of publication, according to Benzinga Pro.
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