S&P 500 top movers: Netlix (NFLX) drops 7% as company expects weak subscriber growth in Q3

• S&P 500 Index is posting modest daily gains on Friday.
• Netflix shares fall sharply on dismal Q3 outlook.
• ALGN posts strong gains after Stifel raises price target.

After starting the day with small gains, the S&P 500 Index (SPX) lost its traction and dropped into the negative territory. Nevertheless, the SPX didn't have a difficult time erasing its losses and was last seen gaining 0.2% on a daily basis.

Earlier in the day, the data from the US revealed that the University of Michigan's Consumer Sentiment Index dropped from 78.1 in May to 73.2 in July's preliminary reading but was largely ignored by market participants.

S&P 500 top movers

After the closing bell on Thursday, Netflix Inc (NFLX) said it was expecting its subscriber growth to be around 2.5 million globally in the third-quarter below analysts' forecast of 5.3 million. Pressured by this announcement, NFLX is down 7.06% at $490.06 on Friday as the biggest loser. 

On the other hand, Align Technology Inc (ALGN) shares are trading at the highest level since mid-May at $322.88 after Stifel raised the price target by $50 to $350, gaining 4.5% on the day as one of the top performers.