Netflix, Facebook Can’t Escape Wall Street’s Worst Day in Months

S&P 500 continued its worst streak in two years

Netflix CEO Reed Hastings
Getty Images

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.

Snap’s month from Wall Street hell continued on Wednesday (via Google)

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.

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