Why Netflix Shares Are Diving

Shares of several gaming, streaming and social media companies, including Netflix Inc NFLX, are trading lower amid overall market weakness as traders continue to digest Wednesday's Fed rate hike announcement. An increase in yields has pressured tech and growth stocks.

The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More

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Netflix's primary business is a streaming video on-demand service.

According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $185.60.