Media Stocks Swoon In Omicron-Induced Market Selloff

variant, exacerbated by pending interest rate hikes and economic tightening the Fed signaled last week, and after Sen. Joe Manchin scuttled President Biden’s key social policy legislation.

All major indexes fell on the first day of a shortened trading week ahead of the holidays. With Christmas falling on a Saturday, financial markets will be closed Friday.could keep exhibitors in the green with AMC Entertainment and Imax down, respectively, by 6.6% and 3.4%. The Nasdaq has lost 1.8% and the S&P 500 and Dow 1.7% and 1.8% each — meaning a nearly 650-points drop for the DJIA. The broader Russell 2000 has fallen by a hefty 2.54%. Today’s declines follow steep losses last week as the variant began to take hold along with investor jitters over its possible economic fallout.

Many big media names were down even more than the broader market. Disney is lower by 2.35%, ViacomCBS by 3.69%, Discovery by 3.22% and Fox by 2.63%. Comcast is off 1.49%. Countries from Israel to Germany to Ireland have imposed curfews and travel restrictions. The Netherlands announced a nationwide lockdown of non-essential stores, bars and restaurants. Denmark closed schools.

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