Corporate earnings picked up after a shaky start to the quarterly reporting season, sparking a rebound in stocks. The blue-chip S&P 500 and technology focussed Nasdaq indices gained 3.6% and 3.7% respectively.
Netflix shares jumped more than 7% the day after it revealed it had only lost 970,000 subscribers during the second quarter. Netflix, the worst performing stock (-71%) in the S&P 500 during the first half of the year, had previously warned it could lose 2 million accounts during the period.
The video streaming company is battling fierce competition from lower priced rivals such as Disney+, HBO and Amazon Prime at a time when consumers are also cutting spending on non-essential items due to the soaring cost of living.
TEAM plc (LON:TEAM) is building a new wealth, asset management and complementary financial services group. With a focus on the UK, Crown Dependencies and International Finance Centres, the strategy is to build local businesses of scale around TEAM’s core skill of providing investment management services.