Stocks sink as market woes hit show business stocks; S&P loses the most since June 2020 and Dow loses 1,100 points

Media headlines suffered from tightening markets on Wednesday, with strong returns from large retailers and outlook reflecting broader economic woes.

Target and Walmart, generally considered safe stocks, have taken a big blow to rising transportation costs as gas prices have risen relentlessly. It is difficult for them to pass on more costs to consumers who are already spending less on something other than food.

The S&P was down 4%, the worst drop since June 2020. The Dow Jones was down more than 1,100 points, while the Nasdaq lost 4.7%.

Investors were completely shocked by the rise in inflation, which the Fed is trying to contain by raising interest rates, and by the ongoing war between Russia and Ukraine. This was announced by the head of the Federal Reserve Jerome Powell WSJ That there may be “some pain in restoring price stability”. This is part of it.

Among media headlines, during a week of filing with companies in New York state, Disney fell 4.3% and Comcast, NBCU’s parent company, fell 1.7%. Fox fell 3.4% and Paramount 2.4%. Shares in the latter were up 15% on Tuesday after Warren Buffett’s Berkshire Hathaway bought a large stake, demonstrating confidence it could not resist today’s breakout.

Shares of Netflix, which have fallen in recent months since losing subscribers, have seen its shares drop 7%.

The tech sector was down, with Apple down 5.6% and Amazon down 7.1%. Facebook fell 5%.

Twitter, with Elon Musk in the midst of an ongoing voluntary saga, his shares dropped another 3.48%. Musk said he couldn’t go through with the deal until he found out how many bots or fake accounts Twitter has. It seems Musk didn’t pay much attention before making the offer. The cost of breaking the deal is one billion dollars.