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Music Stocks Suffer as Global Markets Roiled by Recession Fears; K-Pop Hit Particularly Hard
Music stocks dropped as recession fears hit global markets following a poor U.S. jobs report, with K-pop stocks plunging.
The Billboard Global Music Index fell 2.0% on Monday, though that was a lighter drop than those suffered by the S&P 500, the Dow Jones Industrial Average and the Nasdaq. South Korean stocks were effectively catching up to the rest of the world on Monday: trading in Seoul had closed by the time a disappointing U.S. jobs report was released Friday morning, stoking fears of a possible recession. Outside K-pop, SiriusXM fell 4.1% to $3.01, adding to last week’s 15.6% decline following second-quarter earnings results that showed the company lost 173,000 satellite radio subscribers in the period ended June 30.
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