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Why Netflix Stock Soared Today

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This article was originally published on Fool.com. All figures are in US dollars unless otherwise noted.

What happened

Actions Netflix (NASDAQ: NFLX ) rose sharply on Monday. Shares of the streaming media leader closed the day 6.6% higher, driven by two very different factors.

And what

The stock market as a whole rose on Monday. First, many investors wanted to take advantage of low stock prices after Friday’s sharp selloff. This bullish effect was reinforced by news from the UK, where the British government reversed most of the tax cuts it introduced in the recent mini-budget.

Together, these actions led S&P 500 2.7% higher, while more volatile Nasdaq Composite the index increased by 3.4%. Shares of Netflix, which are rising on the Nasdaq, have benefited greatly from these positive market movements.

Netflix is ​​scheduled to report third-quarter results tomorrow after the closing bell. The second quarter provided an upbeat response to the selloff that followed reports in January and April, and Netflix investors are hanging on the edge of their seats to see how the business fared between July and September.

What now

Most of all, Netflix’s investors are hoping that subscriber losses in the first half will remain in the rearview mirror. Additionally, everyone wants to know more about the ad-supported subscription tier that will launch on November 3rd and how this new option could affect Netflix’s business trends.

We will get answers to these questions tomorrow. Meanwhile, Netflix stock may have rebounded nicely in recent months, but the price is still down 60% year-to-date. In other words, Netflix has a lot to prove this week.

This article was originally published on Fool.com. All figures are in US dollars unless otherwise noted.

https://www.fool.com.au/2022/10/18/why-netflix-stock-was-soaring-today-usfeed/

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