Netflix Falls Short on Subscriber Adds, U.K. Inflation Remains High and Fox Settles Defamation Lawsuit with Dominion - Market Update


Netflix's guidance for Q2 '23 has fallen short of expectations despite the launch of its ad-supported tier, following the company's Q1 earnings report. Its stock fell 1% in after-hours trading, and second-quarter paid net additions are expected to be roughly similar to those of Q1 2023. 

Fox Corp. has settled a defamation lawsuit by Dominion Voting Systems for $787.5 million, the largest ever settlement by an American media company. Dominion sought $1.6 billion in damages over Fox's coverage of false vote-rigging claims in the 2020 U.S. election. 

The UK's March CPI remained at 10.1%, with food and non-alcoholic drinks prices rising by 19.1% YoY, the biggest increase since 1977. Sterling rose as a result, with GBP/USD up 0.2% to 1.2435.

Meanwhile, the Bank of America and Johnson & Johnson beat expectations, while Goldman Sachs and Netflix fell short on some measures. US futures traded lower with Dow, S&P 500 and Nasdaq 100 contracts down, and Tesla earnings due after the close. 

Finally, crude prices fell 1.8% as fears of slowing U.S. growth emerge, weighed down by the Federal Reserve's interest rate hikes.

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