Trouble in Turkey’s economy -- coupled by longer-term U.S. tariff threats --- sent all U.S. stocks and media company stocks down sharply.
Earlier Wednesday morning trading witnessed lower prices for big digital media companies: Netflix was down 4.6% to $322.22, while Twitter lost 3.1% to $32.15 and Facebook lost 2.7% to $176.43, Google fell 2.5% to $1,211.75, and Amazon sank 2.4% to $1,872.73.
Traditional pay TV provider companies also lost ground, with Charter Communications sinking 1.6% to $303.02, Dish Network down 1.5% to $35.12 and Comcast Corp. giving up 1.4% to $34.91.
TV network groups had smaller drops, with AMC Networks down 1.5% to $60.04, CBS off 1.1% to $52.01, Viacom down 0.8% to $30.63, and Discovery slipping 1.2% to $26.13.
The Dow Jones Industrial Index was down 300 points -- 1.2% -- to 24,999, while the S&P 500 Index lost 1.2% to 2,805 and the tech-heavy Nasdaq lost around 1.7% to 7,736.
Investors fear the currency crisis in Turkey could spread to other countries. These fears also include increasing trade concerns between the U.S. and its major partners, including worsening U.S tariffs.