Netflix Inc NFLX shares are trading lower by 4.22% to $229.88 during Friday afternoon amid overall market weakness following better-than-expected U.S. unemployment data.
Strong jobs data has added to concerns over a tight labor market and dimmed the outlook for a Fed policy pivot. Continued Fed policy tightening could lead to an economic slowdown, which could cause consumers to cut back on non-essential spending.
What's Going On In The Broader Market?
The U.S. added 263,000 jobs last month, outpacing average economist estimates of 250,000 jobs, according to Benzinga Pro.
New data from the Bureau of Labor Statistics showed the U.S. unemployment rate at 3.5%, beating the 3.7% level economists had projected. The labor participation rate dropped 0.1% to 62.3%, compared to the 63.4% pre-pandemic rate in February 2020...Read More
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According to data from Benzinga Pro, Netflix has a 52-week high of $700.99 and a 52-week low of $162.71.
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