The fallout from Britain’s vote last week to withdraw from the European Union continues to roil global markets, setting media stocks up for a bumpy ride in the coming days.
The Dow Jones index was down more than 200 points at the opening Monday, following Friday’s 600-point plunge spurred by the shock of the Brexit referendum results. The NASDAQ was off 70 points at the start of trading Monday while the S&P 500 dropped 26 points.
Media stocks appeared to be holding up better than they did on Friday. Most of the major U.S. congloms were down in the 1%-2% range in the first half-hour of trading.
Discovery Communications and 21st Century Fox were among the hardest hit on Friday, but both were hanging tough with the rest of the media pack on Monday against the overall downward trend.
Friday’s global selloff marked the worst loss for equities markets in history, wiping away $2 trillion of value on paper, according to S&P Global data cited by CNBC. The previous one-day selloff record came at the start of the global financial crisis in September 2008 when $1.9 trillion evaporated amid that mortgage meltdown-induced panic.