Netflix Cuts 1,000 Employees in Streaming Retrenchment

Netflix is laying off roughly 1,000 workers, or about 6% of its global workforce, Reuters reported, citing an internal company memo. The move marks the streaming pioneer's largest round of job cuts since 2022 as it confronts stiffening competition for viewers from legacy media rivals. The restructuring lands on a tech complex that is already struggling under structural pressure. QQQ is trading down 1.19% on the session at 734.64, pinned firmly beneath its gamma flip at 762.30. When tech sits below that line, dealers are short gamma, meaning their positioning forces them to sell into dips and buy into rips rather than smoothing out the tape. That dynamic has pushed spot directly toward the 730 put wall, leaving an expected move of 1.51% hanging over the session with skew stretched to 1.8. The broader indices are absorbing the same macro friction. Benzinga reported that hotter September consumer price data lifted market odds for an October Federal Reserve interest rate hike, sending Treasury yields higher. The 10-year yield pushed to 5.27%, while the Dollar climbed 0.7% to 102.90. That rate pressure has amplified dealer hedging across the equity complex. SPY sits at 771.93, also trapped in short gamma beneath its 784.04 flip, leaning directly on its 770 put wall. Corporate cost-cutting against a backdrop of rising rates is a familiar script, but the dealer book is what determines how violently the market absorbs it. With both tech and the broader indices positioned south of their flips, dealer buffers are entirely absent today. Moves lower are being met with programmatic selling to maintain hedges, keeping tech volatile until spot can reclaim positive gamma ground.