U.S. stock-index futures declined on Wednesday, as Netflix’s (NFLX) disappointing Q1 earnings report put pressure on the tech stocks, while a spike in coronavirus infections in Asia heightened concerns about global economic recovery, dampening investors’ risk appetite.

Global Stocks:

(company / ticker / price / change ($/%) / volume)

Procter & Gamble (PG) downgraded to Neutral from Buy at Citigroup; target lowered to $150

UnitedHealth (UNH) upgraded to Buy from Hold at Argus; target $450

Morgan Stanley (MS) upgraded to Buy from Hold at Berenberg; target raised to $91

FXStreet reports that the S&P 500 Index has all but achieved the 4200 area and with the market seen at its “typical” extreme analysts at Credit Suisse are looking for an interim peak here, reinforced by the poor Volume picture and overextended sentiment readings.

“Below support at 4126/21 is needed to add weight to the view of an interim peak at 4200, as this would mark a near-term top for a fall back to 4068, then 4034/20, where we would then look for a fresh floor. Below though would warn of a more protracted correction lower and a move towards the 63-day average, currently at 3933.”

“Big picture, even if correct, our bias would be to view a pullback/correction from 4200 as temporary and corrective, with a clear break in due course seen opening the door to a move to 4260 next, then 4350.”

Verizon (VZ) reported Q1 FY 2021 earnings of $1.31 per share (versus $1.26 per share in Q1 FY 2020), beating analysts’ consensus estimate of $1.28 per share.

The company’s quarterly revenues amounted to $32.867 bln (+4.0% y/y), beating analysts’ consensus estimate of $32.473 bln.

The company also reaffirmed guidance for FY 2021, projecting EPS of $5.00-5.15 versus analysts’ consensus estimate of $5.07.

VZ fell to $58.19 (-0.34%) in pre-market trading.

Netflix (NFLX) reported Q1 FY 2021 earnings of $3.75 per share (versus $1.57 per share in Q1 FY 2020), beating analysts’ consensus estimate of $2.94 per share.

The company’s quarterly revenues amounted to $7.163 bln (+24.2% y/y), roughly in line with analysts’ consensus estimate of $7.132 bln.

The company also reported Q1 FY 2021 global streaming paid net adds of +3.98 mln versus its prior guidance of +6.00 mln and +8.51 mln in Q4 FY 2020. Analysts had forecast +6.2 mln, according to Factset.

Netflix issued mixed guidance for Q2 FY 2021, projecting EPS of $3.16 versus analysts’ consensus estimate of $2.67 and revenues of $7.302 bln versus analysts’ consensus estimate of $7.37 bln. It also guided to Q2 FY 2021 global streaming net adds of +1.00 mln.

In addition, the company approved a $5 bln share buyback program beginning in FY 2021 with no fixed expiration date. The buyback program is expected to begin this quarter.

NFLX fell to $505.70 (-7.98%) in pre-market trading.