Dow drops over 300, Netflix paces tech selloff

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Former OMB director Russell Vought provides insight into Biden’s economic analysis and argues the president’s policies are ‘problematic.’

Selling accelerated for U.S. equities during the final hour of trading as tech weakness continued to roil the broader market.

The Nasdaq Composite fell over 2%, the S&P 500 was lower by 1.6% while the Dow Jones Industrial Average fell over 300 points or 1%. All three of the major averages are on pace to close lower for the week.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	34292.76	-422.63	-1.22%
SP500	S&P 500	4406.84	-75.89	-1.69%
I:COMP	NASDAQ COMPOSITE INDEX	13835.552739	-318.47	-2.25%

The selling continues to come from technology stocks, with Netflix down more than 20% after posting weaker-than-expected subscriber growth. The streaming giant is on pace for its worst session in about a decade.

Ticker	Security	Last	Change	Change %
NFLX	NETFLIX INC.	390.40	-117.85	-23.19%

Elsewhere, chip stocks Nvidia and AMD were lower, along with Apple.

Ticker	Security	Last	Change	Change %
AAPL	APPLE INC.	163.10	-1.41	-0.86%
NVDA	NVIDIA CORP.	235.41	-6.09	-2.52%
AMD	ADVANCED MICRO DEVICES INC.	120.00	-1.89	-1.55%

This comes as Peloton shares recovered after hitting a two-year low. CEO John Foley disputed a report that the company is pausing bike and Tread production as demand slips.

PELOTON STOCK TANKS ON BIKE PRODUCTION HALT REPORT, COMPANY SAYS CLAIMS ARE FALSE

Ticker	Security	Last	Change	Change %
PTON	PELOTON INTERACTIVE INC.	27.47	+3.25	+13.44%

The first week of fourth-quarter earnings season ends Friday with oil services giant Schlumberger which said profits jumped 86% to $0.41 per share.

Consumer finance firm Ally Financial said profits of $1.79 per share were down from $1.82 in the same period a year ago partly tied to costs related to the acquisition of Fair Square Financial and regional bank Huntington Bancshares also reported.