Netflix Nears Bear Market Territory; Stocks Slide on China Fears

Netflix (NFLX) moved even further into correction territory on Friday, caught up in a broad selloff among tech stocks. The streaming giant has fallen 16% from its early August record close, nearing the 20% drop that would constitute bear market territory. There was more pain for Wall Street as stocks were on track to close their worst week of the year. The Dow was down 8% from its all-time high set in May after Chinese manufacturing fell to a six-and-a-half-year low in August. Fears over the China slowdown pressured crude oil. The commodity looked to close out its eighth straight weekly loss after falling more than 2% on Friday. Ross Stores (ROST) fell after providing cautious profit guidance for its third quarter. The retailer said the expected decline in earnings was due to hard-to-beat comparisons to the year earlier.