Unilever causes FTSE to crumble and Netflix slump deepens

Unilever has put a hefty dent in the FTSE 100 today, while Netflix stock continues to get cheaper, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 gives up its lead over the S&P 500

It had all been going so well for the FTSE 100. The index had been leading the S&P 500 in percentage returns for the year in price terms, but today’s weakness has meant that its lead has disappeared. When priced in the same currency the lead remains firmly intact, but even so it is a shame to see the FTSE 100 fall almost at the final hurdle. Unilever has been the culprit today as Magnum is scooped out from the wider group, and across the index there are pockets of strength that give hope for a rebound in due course.

Netflix slumps further as Paramount enters the ring

Netflix stock had been invincible from late 2022 until the summer of this year, surging almost 800% in that time. Looking at it through that lens, the 28% drop from the June highs is simply an overdue correction. Six months ago the shares were at 45 times earnings, and now trade around 20 times, which is bound to pique the interest of more than a few bargain hunters.