Morning Movers: Netflix shares slide despite earnings beat

After yesterday’s steep selloff, stock futures are attempting to stabilize but sentiment remains fragile. Markets are trading in a volatile and unsettled environment as traders digest significant geopolitical and trade policy risks that have dominated headlines this week. 

The backdrop for equities reflects a risk-off tilt, with equity selloffs triggering flows into traditional safe havens. Precious metals such as gold have continued to rally, with prices extending to new record highs as investors seek refuge from market stress, while the dollar and Treasury yields are fluctuating with shifts in risk sentiment. The renewed focus on geopolitical and trade policy risk has also kept volatility elevated, drawing attention to the VIX and other measures of market stress that have climbed sharply in recent sessions.

In pre-market trading, S&P 500 futures fell 0.11%, Nasdaq futures fell 0.26% and Dow futures fell 0.26%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER –

• Nathan’s Famous (NATH) up 8% after entering into a definitive merger agreement for Smithfield Foods (SFD) to acquire all of the company’s issued and outstanding shares for $102.00 per share in cash

UP AFTER EARNINGS –

• Teledyne (TDY) up 3%
• United Airlines (UAL) up 3%
• Halliburton (HAL) up 2%
• Citizens Financial (CFG) up 1%

DOWN AFTER EARNINGS –

• Netflix (NFLX) down 7%
• TE Connectivity (TEL) down 3%
• Ally Financial (ALLY) down 2%
• Johnson & Johnson (JNJ) down 2%
• Truist Financial (TFC) down 2%
• Travelers (TRV) down 1%
• Charles Schwab (SCHW) down 1%

LOWER –

• Kraft Heinz (KHC) down 7% after disclosing that its largest shareholder, Berkshire Hathaway, could sell nearly all of its over 325M share stake post the spinoff