S&P 500 continued its worst streak in two years
Wall Street was hit by the worst day for U.S. stocks in more than seven months on Wednesday, with several high-profile tech and media companies — including Facebook, Netflix, and Disney — unable to escape the wreckage.
Taking a quick sample, you soon run out of adjectives for “dropped”: Snap Inc., after an already painful month, dropped nearly 6 percent to a new all-time low. Facebook shares dipped 4 percent, continuing its recent slide. Amazon’s stock decreased 6 percent. Apple fell 4.6 percent. Spotify shares were dinged to the tune of 7.5 percent. And Netflix was hit particularly hard, sliding 8 percent to $325 a share.
Media companies didn’t fare much better, either. Disney shares dropped 3 percent, as did Comcast, CBS, and MSG. Fox fared well, relative to most other media giants, falling “only” 1.9 percent.
Altogether, the three major bellwethers underscored the losses. The S&P 500 had its worst day since February, dropping 3.3 percent, marking its fifth straight day in the red — its longest streak in almost two years. The Nasdaq exchange, dominated by tech companies, tumbled 2.5 percent. And the Dow Jose Industrial Average, after hitting its all-time high last week, dropped 831 points, or 3.2 percent, to 25,598. It was the Dow’s third-worst points drop in history, dating back to the 19th century.