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U.S. Stocks Mixed Ahead of Fed’s Beige Book; Netflix Sinks 38%


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By Liz Moyer — U.S. stock markets were mixed on Wednesday ahead of the release of the Federal Reserve’s beige book, a periodic glimpse of economic trends from around the country.

At 10:11 AM ET, the Dow Jones Industrial Average was up 202 points, or 0.6%, while the S&P 500 was flat and the NASDAQ Composite was down 0.8%.

Netflix Inc (NASDAQ:NFLX) was the big story of late Tuesday, falling 25% in after-hours trading after a big miss on subscription numbers for the first quarter and a warning that it could lose 2 million subscribers in the current quarter that ends in June. The stock was down 38% on Wednesday.

The Fed’s Beige Book will come out at 2:00 PM ET, providing a snapshot of economic trends reported by its district banks around the country. The central bank is widely expected to raise rates by a half-point at its next policy meeting in May.

Shares of International Business Machines (NYSE:IBM) rose 5% after beating expectations for earnings late Tuesday, while Procter & Gamble Company (NYSE:PG) rose 2% after beating estimates on Wednesday.

The United States 10-Year Treasury dipped to 2.88% after rising above 2.9% on Tuesday. Crude oil prices languished, with Crude Oil WTI Futures falling 0.2%, to $101 a barrel and Brent Oil Futures crude, the international benchmark, falling 0.4% to $106 a barrel. Gold Futures fell 0.3% to $1953/oz.

U.S. Stocks Mixed Ahead of Fed’s Beige Book; Netflix Sinks 38%

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