5 things to know before the stock market opens Friday, Jan. 21

Here are the most important news, trends and analysis that investors need to start their trading day:

U.S. stock futures dropped Friday, with the Nasdaq again tracking for the biggest decline at Wall Street’s open as Netflix shares plunged in the premarket on slowing subscriber growth. The Nasdaq fell for a third straight session, ending Thursday nearly 12% below its latest record close in November. The S&P 500 also dropped for three days in a row, finishing 6.5% under its record close earlier this month. The Dow Jones Industrial Average fell for five straight sessions, ending more than 5.6% below its early January record close. All three stock benchmarks were on pace for big weekly losses.

Shares of Netflix fell 20% in Friday’s premarket, indicating an opening price of below $410 each, wiping out more than 20 months of gains and over 40% below its all-time high back in November. Investors punished the stock following Thursday’s after-the-bell earnings report, which revealed a decline in global paid net subscriber additions in the fourth quarter and an even worse projection for the current first quarter.

• The video streaming giant beat Q4 earnings estimates and matched on revenue, but Wall Street was more concerned about what’s ahead.
• Netflix said it’s planning for a more back-end-weighted content slate in the first quarter, with big premieres set for March.

Peloton said late Thursday its fiscal second-quarter revenue will be within its previously forecast range, as it takes actions to slash costs and improve profitability. However, the fitness equipment maker said it added fewer subscribers in the latest period, which ended Dec. 31, than it had previously expected.

The stock bounced 8% in Friday’s premarket, the morning after an almost 24% decline in the regular session following a CNBC report that the connected fitness equipment maker was temporarily halting production of its stationary bikes and treadmills as explosive demand earlier in the Covid pandemic waned. Friday’s indicated opening price for Peloton stock would represent an 85% drop from its all-time high of $171.09 back in January 2021.

Intel will invest $20 billion in two new plants in Ohio to make advanced chips, the company said Friday, the first step to a “mega-site” that can accommodate eight chip factories costing $100 billion. The planned investment includes 3,000 permanent jobs and 7,000 construction jobs on the 1,000-acre site just outside of Columbus. Intel CEO…