By Shreyashi Sanyal

(Reuters) – Futures that track the futures fell on Friday following a poor forecast by Netflix. This sent Netflix’s shares and other streaming companies plummeting, while Wall Street’s major indexes continued to lose ground.

Netflix Inc (NASDAQ) fell 19.6% in premarket trade after it failed to meet market expectations for new subscribers. The streaming company offered a negative outlook for 2022 and lowered its forecasts.

The Walt shares of media and technology companies include Walt Disney (NYSE) Co, ViacomCBS Roku (NASDAQ): Streaming companies that heavily invest in the technology also saw their stock drop between 1.7% and 5.4%.

Each of the major Wall Street indexes showed weekly drops, and both the and set new records for the worst week since Oct 2020. The Nasdaq ended Wednesday more than 10% below the November record, which confirmed that it was still in correction territory.

After rising Treasury yields, and the expectation of an aggressive Federal Reserve to control inflation, pressure has been placed on this tech-rich index.

After data from December showed that consumer prices rose to their highest point in over 40 years, the central bank will provide more information at its policy meeting next Wednesday.

At 7:03 am. ET were 0.2% lower at 7:03 a.m.

On Thursday, analysts raised concerns about the business prospects for pandemic-market favorites like Netflix (NASDAQ:). Peloton’s shares rose 6.8% on Thursday, after a day of losses.

A bill was approved by the U.S. Senate Judiciary Committee Thursday. It would prohibit technology giants like Amazon.com, (NASDAQ;) from giving preference for their businesses on their websites despite strong lobbying from Apple’s Chief Executive Tim Cook.