It’s the latest multi-billion dollar capacity expansion to be announced by the world’s major chipmakers. With signs that demand is set to outstrip supply for longer than thought, Intel has committed to building a new $20 billion chip factory in Ohio, according to Time magazine and others. The semiconductor cycle continues to turn. Estee Lauder (NYSE: EL) will also be in focus after its quarterly earnings late on Thursday came and went without any further negative shocks.Ĥ. Stocks reporting earnings later include oilfield services giant Schlumberger (NYSE: SLB), railroad operator Kansas City Southern (NYSE: KSU) and IHS Markit (NYSE: INFO). The Dow is set for a decline of over 3% this week, while the Nasdaq Composite is now firmly in correction territory, having declined over 10% from its November peak. stocks are set to open lower again, with Netflix’s profit warning and developments at Peloton dealing a fresh blow to belief that the market can sustain what is still a historically high valuation.īy 6:20 AM ET (1120 GMT), Dow Jones futures were down 0.1%, while S&P 500 futures were down 0.4% and Nasdaq 100 futures were down 0.8%. Stocks set to open lower again Nasdaq in correction territory The two countries’ vulnerability to economic pressure from Russian energy supplies has effectively prevented any unified western response, as it did in 2014.ģ. NATO has not offered Ukraine a path to membership.įrench President Emmanuel Macron and German Chancellor Olaf Scholz are also holding talks on Ukraine today. Russia, which already invaded it in 2014, annexing part of its territory and establishing breakaway republics in its east, has repeatedly that the mere possibility of it choosing to join NATO in the future is justification for a pre-emptive military invasion on its part. Ukraine is a sovereign state and a member of the United Nations. The talks are reportedly scheduled to last only 90 minutes and a press conference is scheduled for 7 AM ET (1200 GMT), which gives the two sides little time to achieve anything substantial. Secretary of State Anthony Blinken is holding talks in Geneva, Switzerland, with his Russian counterpart Sergey Lavrov in an attempt to avert war in Ukraine. Peloton stock – another early winner from the pandemic – tumbled after reports that it’s cutting production of its bikes and treadmills due to slumping demand, while Siemens Energy (DE: ENR1n), which owns one of the world’s biggest wind turbine businesses, fell 13% after warning that it was struggling to pass on higher costs to customers.Ģ. Netflix wasn’t the only big bet on future trends to turn south overnight. While investors may have dismissed the problems of other ech darlings as being down to company-specific issues, Netflix’s inability to sustain the narrative of unending growth that has driven its stock market gains for the last decade is more likely to have implications for its peers. However, it is by some distance the biggest and highest-profile company to do so. Netflix is hardly the first technology stock to fall out of bed in the last few months. The stock is set to open at its lowest since April 2020, having effectively unwound almost all the gains it posted since the start of the pandemic. Netflix stock lost nearly one-fifth of its value after forecasting a sharp slowdown in subscriber growth in the current quarter. Netflix struggles to grow Peloton hits the brakes Here's what you need to know in financial markets on Friday, 21st January.ġ.
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And oil prices slip from seven-year highs on concerns about a Covid-driven soft patch for the economy.
Intel (NASDAQ: INTC) is planning to build another $20 billion chip factory, this time in Ohio. hold last-ditch talks to avert war in Ukraine but hopes to avert conflict are low. Netflix's (NASDAQ: NFLX)'s profit warning issues the clearest challenge yet to growth stock valuations, while Peloton (NASDAQ: PTON) and wind turbine maker Siemens Energy also fall heavily on disappointing news flow. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close
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