NEW YORK, New York – Technology stocks dived on Wednesday after Netflix near collapsed on its third-quarter earnings results which showed it lost 200,000 subscribers in the quarter. Netflix shares lost more than a third of their value, shaving off more than $50 billion of its capitalization.

The Standard and Poor’s 500, where Netflix is listed, lost 2.76 points or 0.06 percent to close Wednesday at 4,459.45.

Netflix has lost 63 percent of its value so far in 2022

Technology stocks were belted after the Netflix results were announced leading to the Nasdaq Composite shedding 166.59 points or 1.22 percent to 13,453.07.

The Dow Jones was the only index to finish in the black, and it rallied hard.

“Companies so far are highlighting strong demand across industry, despite inflation and supply chain pressures,” Ross Mayfield, investment strategy analyst at Baird told CNBC Wednesday. “While we expect this year to continue to be volatile, earnings strength and bearish sentiment is a really nice backdrop for a near-term pop.”

The Dow Jones advanced 249.59 points or 0.71 percent to 35,160.79.

On foreign exchange markets, profit-takers drove the dollar lower, movements however were limited. The euro popped up to 1.0852 approaching the New York close Wednesday. The British pound firmed to 1.3062. The Japanese yen clawed back some of its recent relentless losses to trade at 127.73. The Swiss franc edged up to 0.9485.

The Canadian dollar jumped to 1.2496. The Australian dollar was higher at 0.7451. The New Zealand dollar rose to 0.6803.

On overseas markets, the Paris-based CAC 40 gained 1.38 percent. The German Dax was up 1.47 percent. London’s FTSE 100 advanced 0.37 percent.

In the Asia Pacific, the biggest gainer was New Zealand’s S&P/NZX 50 which rose 130.31 points or 1.10 percent to 11,966.19.

In Tokyo, the Nikkei 225 decelerated by 232.76 points or 0.86 percent to 27,217.75.

China’s Shanghai Composite dropped 42.98 points or 1.35 percent to 3,351.05.

The Australian All Ordinaries added just 1.70 points or 0.02 percent to 7,869.60.

South Korea’s Kospi Composite inched down 0.20 of a single point or 0.01 percent to 2,718.69.

The Hang Seng in Hong Kong shed 83.09 points or 0.40 percent to close Wednesday at 20,944.67.