Nasdaq down 1.47% (Il Sole 24 Ore Radiocor) - New York, 19 Apr - US shares were mainly lower in afternoon trade dragged down by big tech losses as Netflix slumped after earnings.

The S&P 500 has fallen five straight sessions and is heading for its worst week in close to six months while the tech-heavy Nasdaq is on track for its fourth losing week in a row.

Reports of a military strike by Israel on Iranian territory initially triggered a pullback on global markets with oil and commodities spiking. But unofficial comments from both sides indicating the attack was contained eased tension with brent prices retracing gains to trade lower only to reclimb in later trade.

Investors meanwhile continued to fret over prospects for interest rate cuts.

In comments today Chicago Fed President Austan Goolsbee said progress on inflation had stalled, adding it made sense to wait before cutting rates.

Stubborn inflation has strengthened convictions the Federal Reserve will hold off longer on rate cuts and dial down the number of cuts it makes in the year.

Markets are currently pricing in a first cut only from September onwards, according to the CME Group's FedWatch Tool.

On the stocks front, shares in Netflix were down more than 9% after the streaming giant offered an underwhelming outlook.

Gloom spread across the tech sector with chip maker Nvidia down 4.5% and Amazon more than 3% lower.

Paramount Global meanwhile rose 13% after a media report said Sony Pictures was in talks with Apollo Global Management about joining a bid for the company.

At 1733 GMT, the Dow Jones was up 210.57 points, or 0.56%, at 37,985.95 points.

The S&P 500 was 27.37 points, or 0.55%, lower at 4,983.75 points.

The Nasdaq was down 228.57 points, or 1.47%, at 15,372.938 points.

AAA-Sje

(RADIOCOR) 19-04-24 19:45:48 (0651) 5 NNNN