Media stock prices tumbled Wednesday along with the rest of the market as the Dow Jones Industrial Average suffered its biggest one-day loss of the year, MarketWatch reports.
The DJIA lost 800 points “after data showed world economic growth slowing further, undermined by President Trump’s trade protectionism, leading the U.S. Treasury yield curve to invert and flash a recession warning signal,” MarketWatch reports. “All 30 stocks in Dow Jones Industrial Average closed lower for only the third time this year, and all eleven sector indexes in the S&P 500 ended lower, reversing gains notched Tuesday when the Trump administration said it would delay the imposition of some new tariffs on Chinese goods.”
Checking the numbers for the major benchmarks, the Dow Jones Industrial Average fell 800.49 points, or 3.05%, to 25,479.42; the S&P 500 index was down 85.72 points, or 2.93%, to 2,840.60; and the Nasdaq Composite slid 242.42 points, or 3.02%, to 7,773.94.
Among media stocks, CBS Corp. and Viacom, which have been closely watched since the two companies made it official this week that they will be merging, both fell sharply. CBS Corp. lost 8.32%, or $4.05, to close at $44.65, while Viacom was down 8.52%, or $2.49, closing at $26.72, after news of the merger prompted downgrades from Wall Street analysts, MarketWatch notes.
Variety reports that other media stocks were also down Wednesday.
“Shares of Fox Corp. were off 3.91%, or $1.37 a share,” Variety reports. “Shares of Walt Disney Company fell 3.04%, or $4.16 a share. Shares of Comcast, owner of NBCUniversal, tumbled 2.51%, or $1.09. And shares of AT&T, owner of WarnerMedia, fell 2.21%, or 77 cents a share.”
The losses came one day after a relatively rosy day Tuesday on Wall Street, when the Dow Jones Industrial Average posted its biggest one-day gain in two months, rising 372.54 points, or 1.4%, to close at 26,279.91.