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Media, Tech Stocks Dragged Down Amid Broader Market Sell-Off Over Fears of Slowing U.S. Economy
A broad-based selloff in stock markets Monday pushed stocks of major media and tech companies lower, as investors of a looming U.S. recession.
That came after big declines in Asian and European markets and on the heels of last Friday’s U.S. jobs report that showed “significantly slower hiring, with unemployment rising to its highest level in nearly three years,” per the New York Times. On Disney, Morgan Stanley analysts issued a note Monday lowering earnings estimates for the media conglomerate citing concerns with its theme parks business. “There are enough data points at this point to take a more cautious view of Disney’s parks business in FY25,” Morgan Stanley analyst Ben Swinburne wrote, adding that “much of this appears priced” into the stock given the drop in Disney’s share price since its last quarterly earnings report in May.
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