Market Open: Stocks Sharply Lower. Netflix Tumbles, Home Affordability Slides • 7/17/26
Speakers
John Blackledge
— Head of Research, Cowen
Jill Schneider
— Anchor/Reporter, CNBC Business News Update
Summary
Markets opened sharply lower with the Dow down 500 points, S&P 500 off 87, and Nasdaq tumbling 450 points. Netflix dropped over 11% after weak Q2 guidance, but TD Cowan analyst John Blackledge called the sell-off overdone. Other movers included Alphabet, Intuitive Surgical, and SpaceX, while home affordability slid for the fifth straight month.
- Major US indices opened sharply lower across the board.
- Netflix fell 11% on disappointing guidance; analyst sees overreaction.
- Alphabet declined further on a report of delays in its Gemini AI model.
- Intuitive Surgical tumbled 11% following second-quarter results.
- SpaceX stock fell after an aborted Starship launch due to engine issues.
- Home buyer affordability fell for a fifth consecutive month in June.
Ideas
Netflix sell-off looks overdone.
The pre-market drop of over 11% in Netflix shares following Q2 results feels overdone, given sentiment was already weak and the stock was down 40% over the past 12 months before the open.
Up Next
This CNBC video, published July 17, 2026, features John Blackledge discussing NFLX. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: John Blackledge · Tickers: NFLX