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Overnight Markets: Netflix boosts S&P 500 and Nasdaq

Overnight Markets: Netflix boosts S&P 500 and Nasdaq

US stocks advanced on Tuesday as some strong corporate earnings reports helped offset declines prompted by President Donald Trump’s decision to impose new tariffs on imported washing machines and solar cells.

The Dow Jones Industrial Average fell 17 points, or 0.07%, to 26,197, the S&P 500 gained four points, or 0.15%, to 2,837 and the Nasdaq Composite added 41 points, or 0.56%, to 7,449.

Netflix touched a record high of $257.71 and was last up 9.98%, to cross the $100 billion market value threshold after the video-streaming pioneer beat Wall Street targets for new subscribers in the fourth quarter.

Other stocks, known as part of the “FAANG” - Facebook, Apple, Amazon and Google parent Alphabet - also moved higher.

Insurer Travelers provided the biggest boost to the Dow, up 5.32% after the company’s profit topped estimates.

Johnson & Johnson declined 3.91%, dragged down by a $13.6-billion charge related to the new US tax law and a court ruling on a crucial patent on its blockbuster rheumatoid arthritis drug Remicade.

Procter & Gamble fell 3.25% as investors focused on a drop in gross margins at the world’s largest consumer goods maker.

Trump on Monday approved steep import tariffs on washing machines and solar panels, a move that was criticised by China, South Korea and Europe and stoked fears about potential retaliation.

After the development, shares of Whirlpool rose 3.43% and smaller solar names such as Real Goods Solar, up 28.70% and Sunworks, up 7.26%, moved higher.

Verizon edged higher, up 0.07% as its quarterly profit fell short of Wall Street estimates but revenue beat expectations as it added phone subscribers.

In Asia, shares traded mixed on Wednesday in morning session after Wall Street closed mostly higher as investors stateside focused on earnings releases.

The Nikkei 225 slipped 0.45% after the index hit a fresh 26-year high on Tuesday. Over in Seoul, the benchmark Kospi index rose 0.01%. In Sydney, the S&P/ASX 200 edged up 0.27%.

In Greater China, the Hang Seng Index was down 0.33%, while China’s Shanghai Composite Index added 0.12%.

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