Media Stocks Mixed as Markets Tumble Toward Bear Territory

Amid fears of a looming global recession, shares of media companies had a mixed day of trading Friday as major market indexes marked their the longest string of weekly losses in decades.

The S&P 500 index closed flat thanks to a late-session rally, but it was down for the week and is off 18.7% year to date, on the edge of the unofficial 20% threshold indicating a bear market. The Nasdaq Composite, weighted toward the tech sector, slid 0.3% Friday and is off 28% since the beginning of 2020. For both indexes, it’s their longest streak of weekly losses since the 2001 dot-com bust.

The Dow Jones Industrial Average also was essentially flat Friday, down 2.8% for the week. That marked its eighth straight weekly loss, the longest since 1932, according to market analysts.ended the day in positive territory. Those included Warner Bros. Discovery , Paramount Global and Fox Corp. . Decliners included Disney , Comcast , AMC Networks and Lionsgate .

Netflix closed up 1.4% Friday, but that came after a massive sell-off in the streamer’s shares. So far this year, Netflix’s stock is down 69%.

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