On Friday, the Nasdaq and the S&P 500 closed lower, primarily influenced by Netflix’s disappointing performance, while American Express helped buoy the Dow.

Netflix’s shares declined, impacting the S&P and Nasdaq, as the company’s second-quarter revenue outlook missed analyst estimates, and it announced it would no longer disclose subscriber counts.

Conversely, the Dow saw gains, partly due to American Express exceeding profit expectations for the first quarter.

Market sentiment has been affected by concerns about the Federal Reserve’s stance on interest rates, Reuters has reported.

Initially, there were expectations of rate cuts in the first half of the year, driving a five-month rally in equities.

However, recent inflation data, strong labor market figures, geopolitical tensions, and comments from Fed officials, including Chair Jerome Powell, have led investors to reassess the timing of any potential rate adjustments by the central bank.

Written by B.C. Begley