Tech stocks are expected to take it on the chin Tuesday based on the lower U.S. pre-market futures trade. Sellers are reacting to a weak earnings report from Netflix, released after the U.S. close, which shows the entertainment giant missed its subscriber addition projections for the first time in five quarters, leading shares to plunge more than 14 percent.

At 0336 GMT, tech-based September E-mini NASDAQ-100 Index futures are trading 7322.75, down 2.25 or 0.03%. The blue chip September E-mini Dow Jones Industrial Average futures contract is at 25059, up 18 or +0.07% and the benchmark September E-mini S&P 500 Index is trading 2797.50, up 1.00 or -0.04%.

The cash market is expected to see big losses on the opening on Tuesday because it was closed when Netflix made the announcement that drove futures contracts sharply lower before Monday’s close.

After the cash market close on Monday, Netflix reported second-quarter earnings. In addition to a slight miss on revenue compared to estimates, the company posted a huge miss on subscriber additions. The company added only 5.15 million subscribers, about one million less than forecast. Domestic additions were only a little more than half of its projections, while it just added 4.5 million subscribers internationally.

Netflix also issued weaker guidance for the third quarter than expected, saying it is expecting to add 5 million subscribers total compared to an analyst estimate of more than 6 million. It is projecting 650,000 new subscribers in the U.S. and 4.35 million internationally.

U.S. Equity Markets

The major U.S. stock indexes finished mixed on Monday with the Dow closing higher, and the S&P 500 Index and NASDAQ Composite posting losses.

A 4.31 percent gain in shares of Bank of America helped boost the Dow, while weaker energy stocks pushed the S&P 500 Index lower. The NASDAQ Composite retreated, mostly in reaction to a reversal down in Amazon stock. The company’s shares retreated from an all-time higher amid technical glitches at the start of Prime Day.

U.S. Economic Reports

U.S. Core Retail Sales rose 0.4% as expected, however, the previous month was revised higher from 0.9% to 1.4%. Core Retail Sales posted an impressive 0.5% gain, beating the 0.4% estimate. Its previous month was also revised higher from 0.8% to 1.3%.

The Empire State Manufacturing Index came in at 22.6, better than the 20.3 forecast, but lower than the previous reading of 25.0. Finally, Business Inventories rose 0.4%, matching the forecast and bettering the 0.3% previous reading.