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MARKETS LIVE BLOG:

S&P 500 SLIPS BELOW 5,000; NASDAQ SINKS ON NETFLIX DRAG

Fed's Goolsbee says 'It makes sense to wait' before cutting rates

Netflix, Lam Research Deliver Just What FAANGs and Semis Needed

Jeran Wittenstein
Updated
Netflix, Lam Research Deliver Just What FAANGs and Semis Needed

(Bloomberg) -- Strong results from two closely watched technology earnings on Tuesday afternoon could add fuel to a rebound in semiconductor stocks and the megacap FAANG group.

Netflix Inc. blew away estimates with a fourth-quarter subscriber forecast that exceeded all five of the estimates compiled by Bloomberg News. As Netflix soared as much as 17 percent in extended trading, Amazon.com Inc., Facebook Inc., Apple Inc. and Google parent Alphabet Inc. also gained. Meanwhile, semiconductor equipment maker Lam Research Corp. gave chip investors something to cheer about with better-than-expected forecasts for fiscal second-quarter profit and sales.

The positive reports come just in time as a rout in the biggest tech names last week helped send the S&P 500 Index to its worst weekly loss since March. Semiconductor stocks have fallen 11 percent from a March record, and bearish analyst calls have continued to pile up.

To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net

To contact the editor responsible for this story: Catherine Larkin at clarkin4@bloomberg.net

For more articles like this, please visit us at bloomberg.com

©2018 Bloomberg L.P.