Tech stocks could come under pressure as President-elect Joe Biden's stimulus plan works its way through the U.S. economy.
Netflix's (NFLX) fourth-quarter 2020 results are expected to reflect solid content portfolio and huge demand for media content amid coronavirus-imposed global lockdowns.
Spotify (NYSE:SPOT) slumped 5% after getting downgraded at Citi. The firm bumped the audio streaming service to sell from neutral on concerns about its pivot to podcasts, according to CNBC Pro. “Among four subscription based stocks – Spotify, Roku (NASDAQ:ROKU), Netflix (NASDAQ:NFLX) and SiriusXM – Spotify is the only firm where the Street’s long-term forecasts (through 2023) do not comport to the prevailing valuation," Citi said.