Netflix Stock Continues To Rally: What's Going On?

Netflix Stock Continues To Rally: What's Going On?

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.

Related Link: Why Is Netflix Stock Down So Much From Its Peak? CEO Reed Hastings Has A Scary Thought

Finally, Netflix's newly released "Wednesday" series set an English language television series record for the week of Nov. 21 to Nov. 27, breaking a record set by "Stranger Things" in May 2022.

Viewers spent a total of 341.23 million hours watching "Wednesday" episodes in its first week.

Check This Out: They're Creepy And They're Kooky And They Just Broke A Netflix Record: This Show Just Beat Stranger Things

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.

Photo: yousafbhutta from Pixabay.

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