Stocks Reverse, Twitter Hack Raises Concerns

Investors took a more bearish view of equities on Thursday, as all three major indices sold off. Riskier assets fell out of favor on the day, as investors piled into fixed income and government bonds, sending interest rates lower.

The 30-year mortgage rate hit its lowest level of all-time, clocking in at 2.98%.

The Dow Jones Industrial Average lost 135 points, or 0.5%, to finish at 26,734.

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Netflix stumbles. Despite adding more than 10.1 million subscribers, shares of the leading streaming video provider Netflix (ticker: NFLX) fell after reporting second-quarter earnings on Thursday, as the company emphasized what many in the market already knew: The pandemic has “pulled forward” demand for its services in an age of stay-at-home orders, quarantines and business shutdowns.

That means more muted guidance for growth in the second half of the year; on the other hand, it also means growth in the first half of the year has been explosive: Netflix added 26 million net new subscribers in the first six months of 2020 compared with 12 million net additions in the first six months of 2019.

Netflix also promoted its highly-respected head of content, Ted Sarandos, to co-CEO alongside founder Reed Hastings Jr.

Twitter security concerns as billionaires, politicians hacked. A bitcoin scam permeated the social media platform Twitter ( TWTR) on Wednesday, as accounts including those of former President Barack Obama, former Vice President Joe Biden, Tesla ( TSLA) CEO Elon Musk and Berkshire Hathaway ( BRK.A, BRK.B) CEO Warren Buffett, among others, were briefly compromised.

In a security breach that appears to involve inside penetration at the hands of at least one Twitter insider, fraudsters sent messages from a number of prominent accounts encouraging users to send bitcoin to a certain anonymous cryptocurrency account.

A reversal in risky assets. A day after finishing as one of the top performers in the S&P 500, shares of Norwegian Cruise Line Holdings ( NCLH) finished at the bottom of the 500-stock benchmark, losing more than 15% on the day as the incessant volatility in travel stocks continued.

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