Media Stocks Tumble as Stock Market Drops More Than 800 Points

Business
October 10, 2018 1:37PM PT

Stocks in a wide range of media, entertainment and technology companies dipped in tandem with one of the most significant drops in the stock market in months.

The Dow Jones Industrial Average fell more than 800 points Wednesday, while the S&P 500 careened to its fourth consecutive loss and the Nasdag fell 4%. Analysts attributed the drop to investors pulling money out of tech stocks in favor of cheaper options, all in reaction to recent efforts by the Federal Reserve to tighten fiscal policy.

Among traditional media companies, shares of Walt Disney were off $4.06, or 3.47%. CBS Corp. shares fell $1.85, or 3.22%. Shares of Viacom dipped 87 cents, or 2.65%. Shares of 21st Century Fox fell 88 cents, or 1.93%. Shares in Discovery Inc. were off 33 cents or 0.93% Shares in Comcast fell $1.16, or 3.27%.

Technology companies were hit harder. Amazon shares fell $115.07, or 6.15%. Apple shares were off $10.51, or 4.63%. Shares in Facebook were off $6.52, or 4.13%.  Shares in AT&T were off 66 cents, or 1.95%.

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