Nasdaq closes higher on Wednesday as stocks stabilize following massive sell-off; European stocks close lower as global markets react badly to U.S. inflation data
The Nasdaq Composite ground higher in choppy trading on Wednesday as investors tried to find their footing after the biggest one-day drop in more than two years.
The Nasdaq rose 0.74% to 11,719.68. The S&P 500 added 0.34% to close at 3,946.01. The Dow Jones Industrial Average inched up 30.12 points, or 0.10%, to 31,135.09 after being down more than 200 points at session lows.
Shares of Netflix jumped to session highs following a Wall Street Journal report that the streaming giant projects advertising-supported tier would reach 40 million viewers by the third quarter of 2023.
Netflix announced plans to create an ad-supported subscription plan earlier this year as subscriber growth slowed and even reversed. The company is partnering with Microsoft to build the product, which has not launched yet.
The pan-European Stoxx 600 provisionally ended down 0.8%, with almost all sectors and all major bourses sliding into negative territory. Mining stocks led the losses, down 2.3%, while oil and gas stocks bucked the downward trend, up 0.8%.
KION Group shares plunged more than 25% by mid-afternoon after the German warehouse equipment manufacturer issued a profit warning, announcing that it expects to report a third-quarter loss due to supply chain shortages and rising energy and material costs.
Source: CNBC, Investing.com