Market Midday: Stocks Lower,  AI Spending Fears Mount, Netflix Shares Slide • 7/17/26

Watch on YouTube ↗  |  July 17, 2026 at 16:24  |  1:53  |  CNBC
Speakers
Tony Wang — Portfolio Manager, T. Rowe Price
John Blackledge — Head of Research, Cowen
Dennis Lockhart — Former Atlanta Fed President

Summary

U.S. stocks fell in midday trading amid growing AI spending worries, putting major indexes on pace for a losing week. T. Rowe Price's Tony Wang remains bullish on software, citing attractive valuations. Netflix shares slid nearly 9% after earnings, but TD Cowen analyst John Blackgeledge called the drop overdone given the stock's prior weakness. Former Atlanta Fed President Dennis Lockhart expects the next rate move to be a hike.

  • Major indexes lower: Dow -135 pts, S&P -37, Nasdaq -260 pts (~1%) on AI spending fears.
  • Tony Wang (T. Rowe Price) bullish on software trade due to more attractive valuations.
  • Netflix shares down ~9% post-earnings; analyst John Blackgeledge views the sell-off as overdone.
  • Dennis Lockhart (ex-Atlanta Fed) expects next Fed rate move to be a hike to fight inflation.
  • Amazon-owned Zoox recalls software in 100+ robo-taxis over smoke detection issue.
Ideas
Tony Wang Portfolio Manager, T. Rowe Price 0:21
Software valuations attractive, bullish.
Software valuations have become a lot more attractive, offering a bullish opportunity in the software trade, though not all software companies are positioned similarly.
IGV MED
John Blackledge Head of Research, Cowen 0:50
Netflix sell-off overdone.
Netflix's post-earnings drop of over 11% feels overdone given weak sentiment going in and the stock already down 40% over the past 12 months; the quarter was mixed, not catastrophic.
NFLX MED
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This CNBC video, published July 17, 2026, features Tony Wang, John Blackledge discussing IGV, NFLX. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Tony Wang, John Blackledge  · Tickers: IGV, NFLX