S&P 500, Nasdaq Fall as Netflix Selloff Weighs

The S&P 500 and the Nasdaq Composite fell Friday, weighed down by a post-earnings selloff in Netflix NFLX shares, as markets evaluated remarks by a Federal Reserve official.

The technology-heavy Nasdaq slumped 2.1% to 15,282, while the S&P 500 lost 0.9% to 4,967.2. The Dow Jones Industrial Average rose 0.6% to 37,986.4. Tech and communication services saw the steepest declines among sectors. Utilities and financials led the gainers.

For the week, the Dow was almost flat. The S&P 500 slipped 3.1%, while the Nasdaq shed 5.5%.

In company news, Netflix shares slumped 9.1%, among the steepest declines on the Nasdaq and the S&P 500. The streaming giant late Thursday offered a downbeat outlook for the current quarter even as its first-quarter results exceeded Wall Street's estimates amid stronger-than-expected membership growth.

Super Micro Computer SMCI was the worst performer on the S&P 500, down 23%, after the company announced its fiscal third-quarter earnings release date without offering preliminary results for the quarter.

Nvidia NVDA shares slipped 10%, the top decliner on the Nasdaq and the second-worst on the S&P 500.

Paramount Global's PARA class B shares surged 13%, the best performer on the S&P 500, following media reports that Apollo Global Management APO and Sony Group 6758 are discussing a joint bid for the company. Paramount's class A shares jumped 8.4%.

The US 10-year yield fell 2.6 basis points to 4.62%, while the two-year rate eased one basis point to 4.98%.

Chicago Fed President Austan Goolsbee said progress on inflation had "stalled" so far this year, but was likely to improve in the coming months. "Right now, it makes sense to wait and get more clarity before moving."

On Thursday, New York Fed President John Williams reportedly said he didn't "feel urgency" to lower interest rates given the strong state of the US economy. Separately, Atlanta Fed President Raphael Bostic reportedly said he expected inflation to return to the Federal Open Market Committee's 2% target more slowly than many had projected.

West Texas Intermediate crude oil rose 0.6% to $83.25 per barrel Friday. "Barring a significant escalation in the Middle East, the geopolitical risk premium will stabilize and gradually decrease," Rystad Energy said.

Israel launched a retaliatory strike on Iran early Friday morning, with explosions heard in the city of Isfahan, NBC News reported. Iranian officials reportedly downplayed the impact of a possible strike by Israeli.

Gold advanced 0.2% to $2,402.10 per troy ounce, while silver climbed 1.2% to $28.71 per ounce.