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US STOCKS-Wall St set for lower open as Netflix slides, cases rise

Wed 21st April, 2021 1:46pm
* Netflix falls as subscriber growth slows after pandemic
boom 
    * Verizon shares fall after Q1 results
    * Futures down: Dow 0.10%, S&P 0.17%, Nasdaq 0.39% 

 (Adds comments, bullets, details; Updates prices throughout)
    By Shreyashi Sanyal and Devik Jain
    April 21 (Reuters) - Wall Street's main indexes were set to
open lower on Wednesday as Netflix kicked off quarterly earnings
for technology behemoths with a disappointing report, while
concerns about a surge in global coronavirus cases hit demand
for equities. 
    The streaming service provider  NFLX.O  tumbled 9.2% in
premarket trading after its report showed slower production of
TV shows and movies during the pandemic hurt subscriber growth
in the first quarter.  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 0.4% and 0.7%. 
    "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."
    Wall Street closed lower in the previous session as a global
spike in coronavirus cases hit travel-related shares and
investors had second thoughts about big U.S. banks' apparently
stellar earnings last week.
    Global stocks were also subdued on Wednesday due to rising 
concerns over spiking COVID-19 infections in Asia and their
impact on oil prices.  MKTS/GLOB 
    With the first-quarter earnings season picking up pace,
analysts expect profit for S&P 500 companies to jump 30.9% from
a year earlier, according to Refinitiv IBES data.
    At 8:26 a.m. ET, Dow e-minis  1YMcv1  were down 33 points,
or 0.1%, S&P 500 e-minis  EScv1  were down 7 points, or 0.17%,
and Nasdaq 100 e-minis  NQcv1  were down 53.25 points, or 0.39%.
 
    Verizon Communications Inc  VZ.N  dropped 0.3% as it said it
lost more wireless subscribers than expected during the first
quarter due to intense competition. 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 0.5% 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

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