Media, Tech Stocks Dragged Down Amid Broader Market Sell-Off Over Fears of Slowing U.S. Economy
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variety.comTodd Spangler NY Digital Editor A broad-based sell-off in stock markets Monday pushed stock prices of major media and tech companies lower, as investors worried that a U.S.
recession may be looming. As of 3 p.m. ET Monday, the Dow Jones Industrial Average was down 2.7%, the S&P 500 was off 3.3% and the tech-heavy Nasdaq Composite had dropped 4%.
That came after big declines in Asian and European markets and on the heels of last Friday’s U.S. jobs report that showed “significantly slower hiring, with unemployment rising to its highest level in nearly three years,” per the New York Times.
Media stocks seeing declines included Warner Bros. Discovery (-3.9%), Disney (-1%), Paramount Global (-3.6%), Comcast (-1.6%) and Netflix (-3.2%).
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