U.S. media stocks fell sharply as global markets tumbled on Monday.
The NASDAQ Exchange fell 2.2 percent to 14,713.90, and the Dow fell 614 points in the market rout to close at 33,970.47, after earlier in the day falling by over 900 points. Traditional media stocks that have sharpened their focus on the streaming space were caught up in the downdraft, but ended the day off their lows for the trading day.
That included Walt Disney closing the day at $178.61, down $4.86 or 2.7 percent, while Fox Corp. ended trading at $34.53 down 57 cents or 1.6 percent, and Discovery A shares closed at $26.01, down 87 cents or 3.2 percent.
Elsewhere among blue-chip media stocks, ViacomCBS closed at $38.86, down $1.13 or 2.8 percent, despite TV ratings for the 73rd Emmy Awards on CBS rising on Sunday night, and NBCUniversal owner Comcast Corp. ended the day at $56.49, down 62 cents or 1.1 percent, while AMC Networks was off $1.30, or 2.7 percent, to $46.38.
Also on the major studio front, where media players are rolling out direct-to-consumer offerings, Lionsgate fell 10 cents, or just under 1 percent, to close at $13.05 on Monday, and WarnerMedia parent AT&T was off 36 cents, or 1.3 percent, to end the day at $27.17.
Pure play streaming stocks also fell amid the global market rout, with Netflix closing on Monday at $575.43, down $13.92 or 2.3 percent, even after The Crown won the best drama series at the Emmys, and Amazon Prime-parent Amazon closed at $3,355.73, down $106.79 or just over 3 percent.
TV streaming platform Roku didn’t escape the market fall as it closed at $316.01, down $8.09 or 2.5 percent, and Apple ended Monday at $142.94, down $3.12 or 2.1 percent, while Spotify closed down $10.30 to $237.80, or off 4.1 percent on the day.
Cinema stocks also fell sharply as investors continue to show concerns over the impact of the delta variant COVID-19 on the summer’s box office recovery. AMC Entertainment Holdings fell by $4.10, or 10.6 percent, to close at $34.47, while Cinemark fell 42 cents, or 2.34 percent, to $17.53.
Elsewhere, giant screen exhibitor Imax Corp. fell 30 cents, or 1.78 percent, to close at $16.51, and Regal owner Cineworld Group, another reopening play, rose 38 pence, or .6 percent, to end the trading day on the London Stock Exchange at 63.92 pound sterling.