Netflix Plummets in Broad Selloff; ConocoPhillips Axes 500 Jobs

Netflix (NFLX) led a broad selloff in high-momentum technology stocks Tuesday.
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Netflix (NFLX) led a broad selloff in high-momentum technology stocks Tuesday. The streaming company fell more than 8% over the session and has dropped more than 16% from a record close in early August. Fears over China's economic health spilled over into September, a day after benchmark indexes closed their worst month in three years. Losses accelerated in the final hour with the S&P 500 dipping back into a correction. ConocoPhillips (COP) announced plans to lay off 400 employees and 100 contractors in Canada. The layoffs account for around 15% of its workforce in the country. The move is part of an overall plan to reduce its global workforce by 10% due to plummeting oil prices.