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