Netflix's jump leads S&P 500 gainers as media names rally (updated)
Brandon Bell

Updated: The Dow Jones average and S&P 500 index have turned lower in afternoon trading, though the Nasdaq index is still in positive ground. Netflix (NASDAQ:NFLX) has pared its biggest gains (which reached as high as 9.8%) but still leads all S&P 500 gainers, up 6.9% as of 2:55 p.m.
Netflix stock (NFLX) zoomed 8.5% by midday, making its biggest single-day gain in five months and leading S&P 500 gainers, as the market pulled off a broad bounceback from Wednesday's Fed-induced sell-off.
Netflix stock rose as high as 9.8% Thursday, with volume surpassing 10.5M shares early afternoon, easily outpacing average daily trading volume of 7.7M shares. (The S&P 500 was up about 0.9% in aggregate, and Nasdaq up a solid 1.6%.)
Aside from the broader market, Netflix is part of a media-stock rally that is benefiting from some positive news threads. TikTok (BDNCE) CEO Shou Chew has undergone a Congressional grilling in his first appearance before U.S. legislators, and the appearance of momentum for a U.S. ban of the popular short-video app is lifting social-media short-video competitors: Meta Platforms (META) +3.2%, Google (GOOG) +2.4% (GOOGL) +2.6%, Snap (SNAP) +3.7%, Pinterest (PINS) +0.7%.
Netflix's streaming peers also rose in sympathy Thursday. Roku (ROKU) +1.4%, Paramount Global gained (PARA) +0.9% (PARAA) +1.2%, Warner Bros. Discovery (WBD) pared some gains and was up 0.7%, while Disney (DIS) rose 1.8%.
Videogame companies also made for a rally Thursday. NetEase (NTES) +5.5% and Tencent (OTCPK:TCEHY) +6.7% jumped following news of a new round of domestic game approvals in China, and U.S. publishers gained as well: Electronic Arts (EA) +2.6%, Take-Two Interactive Software (TTWO) +2.6%, and Activision Blizzard (ATVI) +1.9%. Ubisoft (OTCPK:UBSFY) was +1.1%. One notable exception is Roblox (RBLX), -2%.