(Bloomberg) — For fans of haywire market statistics, there’s this: The Nasdaq Composite has managed to go two months without posting back-to-back declines. That record streak was under threat after Netflix Inc.’s after-hours drop sent exchange-traded funds tracking the tech space lower.The index, weighted to megacaps like Amazon.com Inc. and Facebook Inc., lost 0.7% in Thursday’s regular session, as investors rotated out of tech in favor of laggards like airlines and energy. An ETF tied to its sister index, the Nasdaq 100, was down another 0.5% as of 7:12 p.m. in New York.The proximate culprit was Netflix, which said it expects to add 2.5 million paid subscribers to its streaming service in the third quarter, about half the estimate in data compiled by Bloomberg. The stock was down about 8% from its close at 4 p.m. in New York, dragging Amazon and Facebook down in sympathy.A retreat Friday in the larger Nasdaq Composite would end the 43-day stretch without posting losses two days in a row.Two down days in a row hardly proves that tech shares’ 2020 dominance is coming to an end, but the trend has shown signs of cracking in recent weeks.(Updates Nasdaq 100 ETF price in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
