Tech stocks and the beleaguered Nasdaq jumped today in a rally led by streamers Spotify, Netflix and Roku. All have seen their shares pummeled, with Netflix in particular being hit by disappointing…
pulled their tunes off Spotify last week to protest what Young calls Rogan’s “vaccine misinformation.” CEO Daniel Ek said Spotify would add content warnings and disclaimers to the streaming service. host said he was sorry the musicians left and at not “having more experts with differing opinions right after I have the controversial ones.”
A backlash by artists usually blows over without a lasting impact on company economics or shares. Spotify reports quarterly earnings on Wed. and Ek will certainly be asked about the controversy. Snap and Fubo are up respectively 5% and 8%. Twitter, Amazon, Faceook, Apple and Google parent Alphabet are all well in the black. Facebook reports earnings Wed., Amazon and Snap are next week.
Markets have been rattled by the prospect of higher interest rates, technology stocks in particular – the companies are valued heavily on expected future earnings, which would be pressured by higher rates.
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