Stocks fell on track for sharp weekly losses for the S&P 500 and Nasdaq.

He lives8 updates

• Friday, July 19, 2024 at 1:14 PM EST

  Nvidia, Tesla lead losses on Nasdaq 100

  The Nasdaq 100 (^NDX) fell to a session low, down about 1% on Friday.

  Shares of electric car maker Tesla (TSLA) fell more than 4% while shares of chipmaker Nvidia (NVDA) fell more than 2%.

  Other semiconductors also fell, with Intel (INTC) down more than 5% and ASML (ASML) down 3%.

  

• 

  Friday, July 19, 2024 at 12:30 PM EST

  Tesla shares fell 4% after Trump said he would end the “electric vehicle mandate.”

  Electric vehicle stocks came under pressure on Friday after former President Donald Trump criticized the Biden administration’s clean energy initiatives, referring to them as the “Green New Deal scam” during the Republican convention.

  “I will end the electric vehicle mandate on day one, thereby saving the American auto industry from complete annihilation, which is happening now, and saving American customers thousands and thousands of dollars per vehicle,” Trump said.

  The comments came despite an endorsement from Tesla (TSLA) CEO Elon Musk. Shares of the electric car giant fell 4% on Friday. Shares of Rivian (RIVN) and Lucid (LCID) also fell more than 1%.

  The Biden administration has no mandate for electric vehicles, but critics point to the EPA Car rules aim to cut carbon emissions It was introduced in March as a way to accelerate the widespread adoption of electric vehicles.

• 

  Friday, July 19, 2024 at 11:51 AM EST

  Technology, consumer discretionary goods lead declines

  Nearly all sectors of the S&P 500 were lower on Friday, with technology (XLK) and consumer discretionary (XLY) stocks leading the declines.

  The materials sector (XLB) also fell 1%. All three major indexes were in the red by 11:45 a.m. ET.

  The healthcare sector (XLV) was the only sector that rose slightly.

• 

  Friday, July 19, 2024 at 11:00 AM EST

  Netflix shares rise after quarterly results

  Netflix (NFLX) shares jumped the most since late January at the open before paring gains after the streaming giant posted better-than-expected quarterly results.

  Netflix memberships rose 34% quarter-over-quarter, due in part to the removal of the Basic plan in some markets.

  Netflix shares rose about 3% in early trading before giving up those gains.

• 

  Friday, July 19, 2024 at 10:16 AM EST

  CrowdStrike shares fall 10% after global IT outage

  CrowdStrike (CRWD) shares fell about 10% on Friday after an “unprecedented” computer systems failure that affected everything from airlines to hospitals.

  Early Friday, CrowdStrike CEO George Kurtz said a fix had been found for the glitch.

  “CrowdStrike is actively working with customers affected by a flaw found in a single content update for Windows hosts,” Kurtz wrote on social media platform X.

• 

  Friday, July 19, 2024 at 9:32 AM EST

  Stock markets little changed after global IT outage

  Stocks were little changed Friday as more details emerged about a global IT outage. Wall Street struggled to recover from a selloff that left all major averages in the red on Thursday.

  The Dow Jones Industrial Average (^DJI) fell 0.2% after falling more than 1% in the previous session.

  The S&P 500 (^GSPC) was hovering around the flat line, while the tech-heavy Nasdaq Composite (^IXIC) was down 0.2%.

  Investors have been pulling away from technology stocks this week as AI-focused chip stocks have fallen.

  Early this morning, investors were assessing the impact of an “unprecedented” failure of computer systems running CrowdStrike (CRWD) and Microsoft (MSFT)-based platforms.

  CrowdStrike CEO George Kurtz said the bug has been fixed. “CrowdStrike is actively working with customers affected by the bug, which was discovered in a single content update for Windows hosts,” he added.

• 

  Friday, July 19, 2024 at 8:26 AM EST

  Off the Phone with: American Express CEO

  American Express (AXP) CEO Stephen Squeri told me over the phone that the company will have another strong quarter by increasing its marketing budget by $800 million this year to $6 billion.

  He also said on whether he was thinking more cautiously about the second half of the year because of the elections:

  “If I had been more cautious, I wouldn’t have raised the guidance. I wouldn’t have increased the marketing and so on. I think we’re going to be consistent and I think that’s the key point here. The Fed is going to do what it’s probably going to do in September. It’s certainly not going to raise rates, it’s probably going to lower them, it’s probably going to lower them again before the end of the year. I think that helps you know what consumer confidence is. I think we’ll see what happens in the election in November, which I don’t think anybody has any idea about and the fact is this company has been around for 174 years with 30 presidents — we’ll be able to get through whatever we need to.”

• 

  Friday, July 19, 2024 at 5:54 AM EST

  In other news…

  In non-Trump RNC speech news, Hulk Hogan Ripping his shirt off at the event Moments ago, the CrowdStrike (CRWD) outage wreaked havoc on people’s lives (and its stock price) this morning…

  We had Netflix earnings last night, which are detailed here on Yahoo Finance’s Alexandra Canal. The stock was down a bit in premarket, with some concerns about Q3 subscriber guidance.

  Here’s what Jefferies technical analyst Brent Thiel had to say about it:

  We do not believe [guidance is a problem]“Given the massive growth over the past 12 months from password sharing (+39 million net adds), the slowdown in subscription growth should come as no surprise. It’s worth noting that the 8 million net adds in Q2 was the strongest quarter the company has reported except for Q2 2020. We expect subscription growth to accelerate in Q4 to 7.7 million net adds given the content slate (Squid Game S2 and NFL Games) and better seasonality in Q4 vs. Q3.”

  It has meaning to me.