Netflix Inc NFLX shares are trading lower amid overall market weakness as stocks continue to sell off following last week’s Fed rate hike decision. A gain in treasury yields has weighed on stocks in growth sectors, pressuring technology and streaming names that saw strength in 2021.
The stock has also been under continued pressure following the company's Q1 earnings report last month.
The Federal Reserve last Wednesday 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.
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Netflix's primary business is a streaming video on demand service now available in almost every country worldwide.
According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $172.59.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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