5 things you need to know before the stock market opens on Friday, January 21

Here are the key news, trends and analysis investors need to start their trading day:

US stock futures fell Friday, with the Nasdaq again following its biggest drop at the Wall Street opening as Netflix stocks plunged in the premarket on slowing subscriber growth. The Nasdaq fell for the third straight session, finishing nearly 12% below the last record set in November on Thursday. The S&P 500 also fell three days in a row, finishing 6.5% below the record closed earlier this month. The Dow Jones Industrial Average fell for five consecutive sessions, finishing more than 5.6% below its early January record. All three stock benchmarks were on track for major weekly losses.

Shares of Netflix fell 20% in Friday’s premarket, pointing to an opening price of less than $410 each, negating more than 20 months of gains and more than 40% below its all-time high in November. Investors penalized the stock after Thursday’s after-the-bell earnings report, which showed that decline in paid net subscribers in the fourth quarter and an even worse forecast for the current first quarter.

Peloton said late Thursday that its second-quarter revenue will be within its previously forecast range as it takes steps to reduce costs and improve profitability. However, the fitness equipment maker said it added fewer subscribers in its latest period, which ended December 31, than previously expected.

Intel will invest $20 billion in two new plants in Ohio to make advanced chips, the company said Friday, the first step towards a “megasite” that will accommodate eight chip factories that will cost $100 billion. The planned investment includes 3,000 permanent jobs and 7,000 construction jobs on the 1,000-acre site just outside of Columbus. Intel CEO Pat Gelsinger is driving Intel’s plans to expand, especially in Europe and the US, as it ramps up competition with global rivals and addresses a global shortage of microchips. In September, Intel broke ground at two Arizona factories as part of its turnaround plan to become a major manufacturer of chips for outside customers.

The US and Russia try to avoid another conflict in Europe. However, top diplomats from both countries warned on Friday that no breakthrough was imminent, as fears mount that Moscow plans to invade Ukraine. US Secretary of State Antony Blinken and Russian Secretary of State Sergey Lavrov met in Geneva at what the American said was a “critical moment”. Lavrov called the talks “constructive and useful.” Moscow wants a promise that Ukraine, a former Soviet republic, will never join NATO and calls for the removal of allied troops and military equipment from parts of Eastern Europe. The US and NATO have rejected those demands. In 2014, Russia seized control of Ukraine’s Crimean peninsula.

Reuters and Associated Press contributed to this report. Follow all market actions like a pro CNBC Pro. Get the latest news about the pandemic with CNBC’s Coronavirus Coverage.