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Music Stocks Down as Markets Show Optimism for U.S. Debt-Ceiling Deal

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The Billboard Global Music Index fell 1.9% this week as 15 of its 21 stocks were in negative territory.

Stock markets ended the week on a positive note as investors showed optimism believing that Congress can negotiate a deal to increase the nation’s debt limit and avoid a historic default. The S&P 500 increased 1.3% to $4,205.45, up 0.3% on the week, while the Nasdaq composite climbed 2.2% on Friday to finish the week up 2.5% — its fifth straight week of gains. South Korea’s KOSPI index improved 0.8% to 2,558.81 while the U.K.’s FTSE 1000 dropped 1.7% to 7,627.20.

The index’s top performer was Round Hill Music Royalty Fund Ltd., which gained 3.3% to 0.775 pounds . Madison Square Garden Entertainment and Sphere Entertainment Co. gained 2.2% and 1.7%, respectively. The two companies were under the same roof until Madison Square Garden Entertainment’s concert promotion business was spun off from the remainder of the company on April 21. Sphere Entertainment Co.

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