Netflix (NFLX) shares drop over 10%, losing $15 billion in market value after Elon Musk urges cancellation over “woke content.” Musk’s post goes viral, sparking cancellations. Stock now at $1,160, down from $1,300. Technical warning signs emerge. Concerns over consumer spending in a slowing economy add to sell-off pressure.

In Market on Close livestream, co-hosts caution on NFLX amid Musk’s campaign. John sees a potential head-and-shoulders pattern, warns of $1,000 support retest. Rowland notes concerns over consumer spending in a recession. Broader macro signals reinforce worries. Investors advised to monitor support zone closely.

Netflix’s sell-off driven by sentiment and fundamentals. Musk’s campaign amplifies pressure. Technical patterns indicate potential weakness. Concerns over consumer spending and broader economic signals heighten worries. Investors advised to watch support zone at $1,140-$1,000 closely. Follow Market on Close clip for more insights.

Read more at Yahoo Finance: Which is More Dangerous for Netflix Stock Now?