Netflix Inc NFLX shares are trading higher by 5.64% to $290.49 Friday afternoon. Shares of several companies in the broader communications, media & entertainment industry are trading higher amid overall market strength after October Core CPI data came in lower-than-expected, which could positively impact consumer spending and future Fed policy decisions.
Data released this week showed a slowdown in inflation and a rise in jobless claims. This has alleviated some concerns of high inflation and a tight labor market.
What Happened With CPI Data?
The headline CPI rose 7.7% in October, down from 8.2% in September, according to data from the U.S. Bureau of Labor Statistics.
The October CPI reading came in below average economist estimates of 8%.
Thursday’s highly anticipated CPI inflation reading comes a week after the Federal Reserve raised its benchmark rate by 0.75% for the fourth straight time in a continued fight against historically high inflation…Read More
According to data from Benzinga Pro, NFLX has a 52-week high of $700.99 and a 52-week low of $162.71.