Tech Media Shares Drown in Market Selloff, Dow Loses 1,200 Points – Deadline

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Media stocks and broader markets posted their worst session since June 2020 with all three major indexes on Tuesday on news that consumer prices rose more than expected last month.

The brutal selloff sent tech and media stocks down 6%, with Apple, Roku and Google down 6%, Amazon and Snap off 7%, Spotify more than 8% and Facebook 9%.

Netflix retreated 7%, as did Paramount Global. Comcast shed 6%, Lionsgate around 5% and Disney around 4%. Warner Bros. Discovery shares fell 2.7 percent

The DJIA gave up 1,276 points, or nearly 4%. The Nasdaq was down more than 5%, and the S&P 500 was down 4.3%.

Inflation – which reached a 40-year high earlier this year – is to blame.

The Bureau of Labor Statistics released the Consumer Price Index (CPI) for early August today, and it showed a smaller-than-expected decline. Prices rose 8.3% from the previous year and 0.1% from the previous month. Economists had expected an 8.1% increase for the year and a 0.1% decline for the month.

The Federal Reserve has been raising interest rates to cool things down. Today’s inflation numbers mean another rate hike, perhaps another 0.75%, is all but certain when the Fed meets next week.

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