Media Stocks Drop, Economic Slowdown Feared

A big stock market drop sent media technology/communications stocks down 5% or more on Tuesday -- part of an overall sinking of U.S public companies. The effects of growing U.S. tariffs, trade wars with China and worries about an economic slowdown were cited as reasons for the drop.

Amazon, Netflix and Google lost 5.9%, 5.2%, and 4.8% respectively.

The media and ad tech-heavy Nasdaq dropped nearly 3.8% to close at 7,158. The Dow Jones Industrials Index sank around 3.1%  -- some 800 points -- to 25,027. The S&P 500 sank 3.2% to 2,700.

Traditional media stocks were not immune: CBS was down 4% to $51.35, while Dish Network was off 4.4% to $31.93, Nielsen dropped 4% to $27.08, Comcast Corp. was off 3.7% to $37.69, and Nexstar Media Group was off 3.4% to $85.30.

Companies that lost less include Tribune Media, slipping 0.4% to $44.81; Discovery, losing 0.8% to $27.98; 21st Century Fox, off 1.1% to $49.12; and Charter Communications, down 1.5% to $321.84.

On Wednesday, the stock markets were closed due to funeral services for former President George H.W. Bush, who passed away over the weekend.

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