Here's what happened to the stock market on Friday

Strategist: 'If you don't get perfect earnings, the markets will penalize you'

Dow Jones Industrial Average falls 62 points

The Dow slid 62.76 points, or 0.23%, to 26,671.95. The S&P 500 gained 0.28% to 3,224.73. The Nasdaq Composite advanced 0.28% to 10,503.19. The major averages posted a muted performance as a decline in Netflix weighed on major tech stocks.

Netflix drops after earnings

Netflix reported second-quarter earnings that missed analyst expectations, pushing the stock down 6.52%. The company's weak guidance for third-quarter subscriber growth — a key metric for the streaming giant — also contributed to the steep sell-off in the stock. Shares of other major tech companies also struggled. Amazon pulled back by 1.26%. Microsoft dipped 0.51% and Apple slid 0.20%.

U.S. coronavirus cases surge at record pace

The U.S. reported 77,200 coronavirus cases on Thursday, a record, according to Johns Hopkins University. That spike brought the total number of confirmed U.S. infections to more than 3.57 million. Covid-related deaths are up to more than 138,000. "There's definitely a sense of nervousness in the market," said one trader.

What happens next?

Earnings season continues next week with IBM, Coca-Cola and Microsoft, among others, set to report.

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