Netflix Falls, Abbott Raises Guidance as Futures Sink on Tech Selloff

According to CNBC, market futures were sharply lower Friday as the selloff in tech and semiconductor stocks continued, with the iShares Semiconductor ETF (SOXX) down nearly 3% and the VanEck Semiconductor ETF (SMH) off by more than 2%. Netflix shares fell more than 11% after second-quarter results matched expectations but the company issued a disappointing outlook, while analysts at Goldman Sachs, UBS, JPMorgan and Morgan Stanley cut their price targets on the stock. SpaceX shares also came under pressure after the company delayed its Starship mega rocket launch, and Elon Musk said the next attempt is "hopefully in a few days." Apple was upgraded to buy from hold at HSBC, which cited an Apple Intelligence-driven cycle and the arrival of new Siri AI. Meta hired a top executive from Amazon's AWS cloud unit to help expand its data center infrastructure business, according to The Wall Street Journal. 3M and Emerson Electric were upgraded to buy from hold at JPMorgan, PPG was upgraded to buy from hold at Bank of America, and Intuitive Surgical shares dropped after earnings even as the company held its outlook for da Vinci procedure growth at 13.5% to 15.5%. Abbott Laboratories raised its full-year adjusted earnings guidance to $5.45 to $5.60 per share from $5.38 to $5.58 per share.