Netflix adds subscribers after account-sharing crackdown, firm says

Netflix saw a big bump in new subscribers in the U.S. after it began warning customers that it will limit account sharing, according to a new report from the research firm Antenna.

The streaming TV leader averaged more than 70,000 new customers a day in the four days after it began telling customers they could no longer share passwords on May 23, according to data from Antenna. On two of those days, new sign-ups topped 100,000 in the U.S.

New customer acquisitions doubled over the four days when compared with the prior 60-day average, Antenna said. It was the best performance since Antenna began compiling the numbers four and half a years ago. Cancellations also increased, although not as much as sign-ups. The firm collects data from a number of sources including credit-card receipts and online purchases.

Netflix estimates that as many 100 million households use its service without paying globally. The company tested ways to limit password sharing in Latin America before rolling out the program in more countries, including Spain and Australia.

Markets rise, marking S&P 500 winning week

Stocks inched higher Friday to close out a listless week for Wall Street, as investors wait for next week’s slate of potentially market-moving updates.

Tesla was at the front of the market, rallying 4.1% after announcing General Motors electric vehicles will be able to use much of its extensive charging network beginning early next year. GM rose 1.1%.

Energy stocks fell along with the price of crude oil. Exxon Mobil slipped 0.7% and was one of the heavier weights on the market. Ski resort operator Vail Resorts dropped 7.1% after reporting weaker results for the latest quarter than analysts expected.

Elsewhere on Wall Street, Adobe rose another 3.4% to add to its 5% leap from the day before following its announcement of a new artificial-intelligence offering for businesses. It joined a frenzy around AI that has sent a select group of stocks soaring, such as a 165% surge for chipmaker Nvidia so far this year.

Proponents say AI will be the next revolution to remake the economy, while critics say it’s inflating the next bubble.

In the bond market, the yield on the 10-year Treasury rose to 3.74% from 3.72% late Thursday. It helps set rates for mortgages and other important loans.

The two-year yield, which moves more on expectations for the Fed, rose to 4.62% from 4.52%.

Binance.US halts customer trading

The U.S. branch of Binance, the giant cryptocurrency exchange, said it would no longer allow customers to trade on its platform using U.S. dollars, after its banking partners cut the firm off in response to a crackdown by federal regulators.

The move is a major blow to Binance.US, the American arm of the world’s largest crypto exchange. One of the main functions of an exchange is allowing users to convert their traditional money into digital currencies like bitcoin or ether. Binance will no longer be able to offer that service in the United States.

In a message to customers, Binance.US said it was “taking necessary actions as we transition to a crypto-only exchange.” In recent days, the company said, its banking partners have signaled that they will no longer facilitate the movement of dollars on and off Binance.US’ platform.

The announcement comes after the Securities and Exchange Commission sued Binance on Monday, accusing the firm and its CEO, Changpeng Zhao, of mishandling customer funds and lying to regulators.

Compiled from Bloomberg Associated Press and New York Times reports.