Dow Drops 1,000 Points, Media Stocks Hard Hit

A day after major media technology stocks were hammered with 4% to 5% declines, early Tuesday trading continued to take another beating.

This time it spread to more traditional media companies, all part of an overall stock market decline.

The Dow Jones Industrial -- which dropped nearly 400 points on Monday -- was off nearly 600 points on Tuesday for a 2.2% decline on the day. The media-tech heavy Nasdaq was down 2.5%, while the S&P 500 lost 2%.

The big media losers were Charter Communications, down 5.8% to $304.81; Dish Network, 4.4% lower to $30.09; Discovery, off 3.8% to $29.30; AMC Networks, off 3.4% to $56.70; CBS, losing 3.6% to $53.02; Viacom, down 2.5% to $30.64; and Nexstar Media Group, 3.3% lower to $71.18.

Roku, the big OTT set-top device/platform, saw a big 4.5% decline to $40.76. Twitter dropped 3.9% to $30.73.



The big FAANG stocks --- Facebook, Apple, Amazon, Netflix, and Google -- took on more losses beyond the 4% to 5% drops on Monday.

Apple was 5% lower to $176.08, while Netflix was 3.3% down to $261.67. Amazon was down 3.2% to $1,464; Google (Alphabet) lost 1.5% to $1,005; and Facebook -- which has incurred big losses for a long period -- slipped 0.5% to $130.83.

The best of the traditional media/communications losers were 21st Century Fox, down 0.9% to $48.48, and Verizon Communications, losing 0.7% to $60.22.

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