After another day of bumpy trading, Wall Street’s major stock indexes ended mixed Wednesday, with Netflix losing more than a third of its value after revealing its first subscriber drop in more than a decade and anticipating much worse times ahead.

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After a late-afternoon fade, the S&P 500 sank 0.1%, while the Nasdaq fell 1.2%. The Dow Jones Industrial Average gained 0.7% as IBM gained 7.1% after announcing quarterly earnings that exceeded analysts’ expectations.

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Netflix’s stock dropped 35.1% the next day when the streaming service revealed its first drop in members in over a decade. The business also stated that it anticipates a sharper drop in the current quarter.

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The skid in Netflix, one of Wall Street’s Big Tech high flyers in recent years, weighed heavily on the S&P 500, outweighing gains elsewhere in the benchmark index, and hit the communication services sector the hardest, pulling it 4.1% lower.

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Technology stocks, retailers and other companies that rely on consumer spending also weighed on the market. Chipmaker Nvidia fell 3.2% and Amazon dropped 2.6%.

Health care stocks made some of the biggest gains. CVS rose 2.7% and medical device maker Boston Scientific added 3%.

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Banks and household product makers also bucked the market’s overall decline. JPMorgan Chase rose 0.4%, while Charmin and Dawn maker Procter & Gamble rose 2.7% after beating analysts’ quarterly earnings forecasts.

Tesla rose 4% in after-hours trading after reporting first-quarter net earnings that were over seven times greater than a year earlier. 

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All told, the S&P 500 slipped 2.76 points to 4,459.45, and the Nasdaq fell 166.59 points to 13,453.07. The Dow rose 249.59 points to 35,160.79.

Smaller company stocks held up better than the broader market. The Russell 2000 added 7.42 points, or 0.4%, to 2,038.19.

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Bond yields have been rising throughout the year as Wall Street prepares for higher interest rates. The yield on the 10-year Treasury note eased to 2.84% from 2.91% late Tuesday, but it’s still near its highest level since late 2018.

U.S. crude oil prices rose 0.2% Wednesday and are up nearly 40% for the year, pushing gasoline prices higher. Wheat prices are up 41% for the year and that has the potential to increase prices for a wide range of food products globally.