Nasdaq lags peers as Netflix, chip stocks drag; AmEx lifts Dow
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Netflix falls after dour Q2 forecast
Paramount up on likely buyout bid from Sony, Apollo
Indexes: Dow up 0.41%, S&P down 0.38%, Nasdaq slides 1.10%
Updated at 11:43 a.m. ET/1543 GMT
By Shashwat Chauhan and Shristi Achar A
April 19 (Reuters) - The Nasdaq and the S&P 500 dipped on Friday, with Netflix among the biggest drags on a dour quarterly forecast, while all three indexes stared at weekly losses amid diminishing hopes that the Federal Reserve would cut interest rates anytime soon.
Netflix NFLX.O slumped8.3% after the video streaming pioneer unexpectedly said it would no longer provide subscriber counts, while its second-quarter revenue forecast fell short of Wall Street expectations.
Progress on bringing down inflation has "stalled" this year, Chicago Fed President Austan Goolsbee said, becoming the latest U.S. central banker to drop an earlier focus on the coming need for interest rate cuts.
"We're in an environment that's characterized by strong growth, strong corporate earnings, and elevated policy rates," said Jacob Manoukian, U.S. head of investment strategy at J.P. Morgan Private Bank.
"Just the adjustment to get to that new state of mind for investors is a little bit difficult, which is why you're seeing the turbulence."
Equities were rattled this week as investors readjusted their expectations over by how much the Fed would cut rates this year, with both the S&P 500 and the blue-chip Dow .DJI poised for a third weekly decline, while the Nasdaq was set for its fourth consecutive weekly loss, if current trend holds.
Cushioning the blue-chip Dow,American Express AXP.N added4.6% after the credit card lender's first-quarter profit surpassed Wall Street estimates.
Chip-related stocks bore the brunt of the selloff, with AI giant Nvidia NVDA.O down3.1%, while the Philadelphia Semiconductor Index .SOX lost2.0%, on track for its worst weekly performance so far this year.
Meanwhile, explosions echoed over an Iranian city on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation - a response that appeared gauged towards averting a region-wide war.
The CBOE Volatility index .VIX, also known as Wall Street's "fear gauge", was last up 0.56 points at 18.56, after breaching the psychologically important level of 20 earlier in the session.
Eight of the 11 S&P 500 sectors traded higher, with energy .SPNY stocks amongst top gainers with a1.1% advance, while communication services .SPLRCL was the worst hit with a 1.7% fall.
At 11:43 a.m. ET, the Dow Jones Industrial Average .DJI was up 156.03 points, or 0.41%, at 37,931.41, the S&P 500 .SPX was down 19.23 points, or 0.38%, at 4,991.89, and the Nasdaq Composite .IXIC was down 171.95 points, or 1.10%, at 15,429.55.
Shares of Paramount Global PARA.O jumped 8.2% after a person familiar with the matter told Reuters that Sony 6758.T Pictures Entertainment and Apollo Global Management APO.N are discussing making a joint bid for the company.
Fifth Third Bancorp FITB.O gained5.4% after the lender beat first-quarter profit estimates.
Advancing issues outnumbered decliners by a 2.61-to-1 ratio on the NYSE and by a 1.17-to-1 ratio on the Nasdaq.
The S&P index recorded four new 52-week highs and five new lows, while the Nasdaq recorded ten new highs and 125 new lows.
Reporting by Shashwat Chauhan and Shristi Achar A in Bengaluru; Editing by Sherry Jacob-Phillips and Maju Samuel
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