NETFLIX INC

Wall Street opens green, Netflix shines

Jan 24 (Reuters) – The New York Stock Exchange opened higher on Wednesday, continuing a rally from recent sessions, with Netflix in the spotlight.

The Dow Jones industrial average gained 135.83 points, or 0.36%, to 38,041.28 after breaking above 38,000 for the first time on Monday.

The broader Standard & Poor’s 500, which hit a record close for a third straight session on Tuesday, rose 0.57% to 4,892.30.

The Nasdaq Composite gained 0.87%, or 134.15 points, to 15,560.09.

Wall Street is welcoming the start of a new earnings season, marked by good numbers from US streaming giant Netflix, which posted a record fourth-quarter increase in new subscribers.

The group’s shares jumped 9.4% at the open, hitting their highest level in two years, trailing other names in the sector such as Roku (+2.8%).

The session is also being driven by a jump in the chip sector, particularly Advanced Micro Devices, which rose 1.7% after ASML, a major supplier to semiconductor makers, reported better-than-expected quarterly profit.

The days to come will be rich in results, and the days of the “Magnificent Seven” (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla) will be decisive for the trajectory of Wall Street and, if necessary, will confirm the positive dynamics of the last sessions.

Tesla, which plans to start making cheaper electric cars in mid-2025 and will report results after the close on Wednesday, is 1% higher.

In other corporate news, AT&T, which reported below-consensus annual earnings on Wednesday, lost 3.4%, while DuPont De Nemours fell 12.7%, with the chemicals maker expected to post a loss in the fourth quarter.

On the macroeconomic front, US investors await the release of the S&P Global purchasing managers’ index (PMI) later on Wednesday, US gross domestic product (GDP) data on Thursday and the PCE consumer price index on Friday.

(Written by Diana Mandiá, edited by Blandine Hénault)

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