Nasdaq Composite Drops Nearly 1% as Netflix, Chip Earnings Weigh

The Nasdaq Composite Index experienced a decline of about 0.9%, dropping to 22,740.40 amid disappointing earnings from key companies like Netflix and Texas Instruments, which weighed heavily on market sentiment. Netflix's shares fell nearly 9% due to a significant charge related to a Brazilian tax dispute, missing EPS estimates despite revenue growth, while Texas Instruments' weaker profit outlook further pressured tech stocks. This downturn contributed to a broader market slide, with the S&P 500 and Dow Jones also falling and investors shifting toward safer assets such as consumer staples and Treasury bonds. Technical analysis shows the Nasdaq consolidating near the 23,000 resistance level, with cautious investor sentiment as earnings season progresses; a break above this level could lead to a retest of record highs. Despite the overall market softness, some stocks like Intuitive Surgical, Microsoft, Nvidia, and Alphabet bucked the trend, highlighting pockets of strength amid volatility. Energy stocks gained due to rising oil prices, contrasting with the weakness in the consumer discretionary sector and technology shares.