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Media, Tech Stocks Fall Amid Broader U.S. Market Decline

Media, Tech Stocks Fall Amid Broader U.S. Market Decline

Media, Tech Stocks Fall Amid Broader U.S. Market Decline

On the first trading day of 2021, stocks of major media and tech companies fell as investors assessed the impact of the ongoing COVID-19 pandemic and U.S. political turmoil.

The Dow Jones Industrial Average was down 2.2% in midday trading Monday, dropping 677 points to about 29,928. The S&P 500 index dropped 2.2% and the tech-focused Nasdaq composite was off almost 2.3%.

Losers in the media sector included Comcast and Disney, whose shares each slumped nearly 5%, as well as Netflix, whose stock was down more than 4%. Shares of Discovery, which launched its Discovery Plus streaming service on Monday, were up slightly in midday trading.

Big tech companies declining included Apple (-3.5%), Amazon (-3.2%), Facebook (-2.5%) and Alphabet, parent company of Google (-2.34%).

One of the few gainers in the market Monday was AT&T, up 1% in midday trading, after analysts at Raymond James upgraded the stock from “market perform” to “outperform,” citing in part the potential for WarnerMedia’s HBO Max to show strong subscriber growth in the coming year.

Written by Oli Coleman