Several traditional media companies saw stock prices dip amid a market sell-off Friday that appeared to be driven by sharp drops by technology stocks.
Discovery Communications and Fox Corporation appeared to be two of the few outliers in Friday trading, with their shares up slightly even as the broader Dow Jones Industrial Average was off more than 445 points, or 1.5% and the Nasdaq fell more than 280 points, or 2.48%.
The downturn comes after days of rallying prices, with tech stocks like Amazon and Apple enjoying positive market sentiment despite the nation’s continued grappling with the coronavirus pandemic and massive unemployment. The stock market plunge began Thursday, when the S&P 500 tech sector saw its biggest single-day drop since March. Tech stocks have enjoyed a steady run-up in recent weeks, with the DJII hitting 29,000.
Now, there’s a noticeable pullback, and media stocks are moving in tandem. Shares in Walt Disney were off $2.29 per share, while Comcast Corp. and AT&T fell 28 cents per share and 26 cents per share, respectively. Shares of ViacomCBS fell 18 cents per share.
Technology companies that have plunged into the streaming-video business were the ones suffering the most. Shares of Amazon were down more than $106 per share, or more than 3%. Shares of Netflix were down more than $20 per share. Shares of Apple Inc. were off $1.88 per share.