U.S. Futures Largely Flat; Netflix’s Subscriber Growth Disappoints

U.S. Futures Largely Flat; Netflix’s Subscriber Growth Disappoints

© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening largely unchanged Wednesday, although Netflix (NASDAQ:) is likely to be a drag on the tech-heavy Nasdaq after reporting a dramatic slowdown in its subscriber growth. 

At 7 AM ET (1200 GMT), the contract was up 40 points, or 0.1%, traded 4 points, or 0.1%, higher, while dropped 11 points, or 0.1%.

The earnings season is in full swing and companies have generally been handing in solid quarterly results, but the bar is high for earnings to lift the major averages after the recent record highs.

A lot of the market's focus Wednesday will be on Netflix, after the streaming giant became the first of the so-called FAANG stocks - the five prominent technology companies which dominate the major indices - to report earnings after the close Tuesday.

While Netflix offered up strong first-quarter earnings, it also reported that just under 4 million people signed up from January through March, a pronounced slowdown from the record 15.8 million customers it added a year ago as the pandemic forced people to stay at home. It also estimated it will add just 1 million new streaming customers in the second quarter, way below