Good evening.
Markets mixed, U.S. home prices hit a record high, and Netflix loses $50 billion in value.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks were mixed on Wednesday as investors digested corporate earnings reports.
Netflix stock plunged 35% after disappointing earnings – its biggest single-day percentage drop since 2004.
Why it matters: The pandemic trade is over. Companies like Netflix that were boosted by pandemic trends are now coming back to earth.
Hedge fund billionaire Bill Ackman said he sold his entire Netflix position today at a $400 million loss.
The crypto market was relatively flat on Wednesday, with Bitcoin trading near $41,300 and Ethereum near $3,100.
Catch Up
Netflix lost more than $50 billion in value today as the stock collapsed 35%.
Tesla beats earnings expectations, reports $18.76 billion in revenue and record margins in Q1.
The median U.S. home price hit $375,000 in March – a new record.