Media, Tech Stocks Sink Amid Decades-High U.S. Inflation

Financial markets took a sharp tumble again Friday, with media and tech stocks falling across the board amid new fears on Wall Street of a looming recession triggered by a new report on rising inflation.

Major market indexes had their worst declines for the week since January. On Friday, the Dow Jones Industrial Average shed 880 points, or 2.7%, to close at 31,392.79. The S&P 500 fell 2.9% and the tech-concentrated Nasdaq Composite Index fell 3.5%, to 11,340.02.shares slid 5.1%, to close at $182.94 — the streamer’s stock is down 69% year to date on concerns that its growth is stagnating.

“We have concerns around the impact of a consumer recession as well as heightened levels of competition on demand trends, both in the form of gross adds and churn, margin expansion and levels of content spend,” Goldman Sachs’ Eric Sheridan wrote in a research note Friday. Shares of Roku, meanwhile, tumbled 10.5% Friday, erasing gains it had made earlier in the week on a speculative rumor that Netflix may be interested in acquiring the company. Sources tellThe broad market decline came after the Labor Department on Friday reported the fastest increase in the consumer-price index in May — up 8.6% compared with a year earlier — since 1981.

Nice one

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These 19 big tech stocks have now dropped at least 60% from their 52-week highsThe biggest losers in the stock market include DocuSign, PayPal, Netflix and Zoom Video Communications. please tell me something I dont know... The PayPal one was obviously going to happen. The avg stock before the pandemic was in the mid 80s. By 2021 it was at 250. Just think - some of the market darlings have to go down 90% from ATH to get to Sun Microsytems peak valuation back in the bubble before it went down 90%. 'Sun Microsystems, The Greatest Quote & The Rise of the Reckless'
Source: MarketWatch - 🏆 3. / 97 Read more »

Breakingviews - Apple pay-later foray blurs tech-finance boundaryTim Cook has crossed the banking divide. Big U.S. tech firms have so far largely kept out of the lending business. But on Monday Apple’s chief executive unveiled plans to use the $2.4 trillion company’s balance sheet to offer “buy now, pay later” loans to iPhone users. The push into financial services will keep traditional banks on their toes.
Source: Breakingviews - 🏆 470. / 51 Read more »