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US STOCKS-S&P 500, Dow snap two-day fall, Netflix keeps Nasdaq in check

Wed 21st April, 2021 3:20pm
* Netflix falls as subscriber growth slows 
    * Verizon shares fall after Q1 results
    * Indexes up: Dow 0.43%, S&P 0.26%, Nasdaq 0.06%

 (Updates prices to open)
    By Shreyashi Sanyal and Devik Jain
    April 21 (Reuters) - The S&P 500 and the Dow Jones indexes
were higher on Wednesday after sliding for two straight
sessions, while the Nasdaq remained muted as Netflix kicked off
quarterly earnings for technology behemoths with a disappointing
report. 
    The streaming service provider  NFLX.O  tumbled 7.1% as it
reported slower subscriber growth in the first quarter after a
pandemic boom.  urn:newsml:reuters.com:*:nL4N2MD48M    
    Shares of mega-cap firms, including Apple Inc  AAPL.O ,
Amazon.com Inc  AMZN.O , Facebook Inc  FB.O  and Tesla Inc
 TSLA.O , fell between 0.3% and 1.8%. 
    "Netflix is weighing on the tech sector for sure this
morning," said Dennis Dick, head of markets structure and a
proprietary trader at Bright Trading LLC in Las Vegas.
    "We get into the heart of all the major tech stocks
reporting next week and the first one didn't do that great and
now that lowers the bar for Apple and Microsoft etc."
    Nine of the 11 major S&P 500 sectors were lower, with
communication services  .SPLRCL , which houses Netflix, tumbling
over 1%. 
    The S&P 1500 airlines index  .SPCOMAIR  was down 0.6%,
pulled lower by Alaska Air Group Inc  ALK.N  and United Airlines
Holdings Inc  UAL.OQ  as concerns over a resurgence in
coronavirus cases globally offset optimism about recovery in
travel demand later in the year.
    Anthem Inc  ANTM.N  rose 0.3% after the health insurer
raised its full-year profit target, as lower demand for
non-COVID-19 healthcare services helped it rein in medical costs
and beat quarterly profit estimates.  urn:newsml:reuters.com:*:nL4N2ME2D7
    Shares of bigger rival UnitedHealth Group Inc  UNH.N  gained
0.3%, helping support the Dow Jones index.       
    With the first-quarter earnings season picking up pace,
analysts expect profit for S&P 500 companies to jump 31.9% from
a year earlier, according to Refinitiv IBES data.
    At 10:08 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 145.52 points, or 0.43%, at 33,966.82, the S&P 500  .SPX 
was up 10.64 points, or 0.26%, at 4,145.58 and the Nasdaq
Composite  .IXIC  was up 7.89 points, or 0.06%, at 13,794.15.   
 
    Verizon Communications Inc  VZ.N  dropped 0.2% as it said it
lost more wireless subscribers than expected during the first
quarter. Shares of T-Mobile US Inc  TMUS.O  and AT&T Inc  T.N 
were also lower.  urn:newsml:reuters.com:*:nL4N2ME2OL
    U.S. railroad operator CSX Corp  CSX.O  fell 2.4% after it
missed estimates for first-quarter profit, hurt by frigid polar
vortex temperatures, ongoing pandemic disruptions and higher
fuel costs.  urn:newsml:reuters.com:*:nL1N2MD2OS 
    Advancing issues outnumbered decliners by a 2.46-to-1 ratio
on the NYSE and by a 2.27-to-1 ratio on the Nasdaq.
    The S&P index recorded 47 new 52-week highs and no new low,
while the Nasdaq recorded 37 new highs and 39 new lows.

 (Reporting by Shreyashi Sanyal and Devik Jain in Bengaluru;
Editing by Anil D'Silva and Sriraj Kalluvila)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))
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