Stocks go Flat as Netflix Takes Header

Stocks closed Friday mostly along the flatline as traders concluded a volatile week while a steep decline in Netflix kept other big tech shares in check.

The Dow Jones Industrials remained negative 62.76 points to 26,671.95.

The S&P 500 recovered 9.16 points to 3,224.73.

The NASDAQ recovered 23.96 points to 10,498.73.

The S&P 500 progressed 1.3%, and the Dow was up 2.3% this week, posting their third straight weekly gains. However, the tech-heavy NASDAQ fell 1.1% for its first weekly loss in three.

Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 6.5%. The company’s weak guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock.

Shares of other major tech companies also struggled. Facebook traded 0.7% lower on Friday while Amazon pulled back by 0.1%. Microsoft and Alphabet dipped 0.6% and 0.2%, respectively.

Those results come as Netflix, along with other major tech stocks, have struggled this week. Facebook, Amazon, Alphabet and Microsoft are all down week to date.

More than 3.5 million coronavirus cases have been confirmed in the U.S., according to Johns Hopkins University. Some states, including California, Florida and Texas, have had to roll back reopening measures to curb a recent spike in cases.

Prices for the 10-Year Treasury gained at the end of the day, lowering yields back to Thursday’s 0.62%. Treasury prices and yields move in opposite directions.

Oil prices sank 17 cents to $40.58 U.S. a barrel.

Gold prices gained $11.90 to $1,812.20 U.S. an ounce.