{"id":98250,"date":"2022-05-06T01:43:03","date_gmt":"2022-05-05T20:13:03","guid":{"rendered":"https:\/\/centralrecorder.com\/media-tech-stocks-slide-u-s-markets-see-biggest-drop-so-far-in-2022\/"},"modified":"2022-05-06T01:43:03","modified_gmt":"2022-05-05T20:13:03","slug":"media-tech-stocks-slide-u-s-markets-see-biggest-drop-so-far-in-2022","status":"publish","type":"post","link":"https:\/\/centralrecorder.com\/media-tech-stocks-slide-u-s-markets-see-biggest-drop-so-far-in-2022\/","title":{"rendered":"Media, Tech Stocks Slide; U.S. Markets See Biggest Drop So Far in 2022"},"content":{"rendered":"<div>\n<p>U.S. stocks slumped Thursday in the financial markets\u2019 biggest meltdown so far this year, with tech companies taking a harder hit than the media sector in a dramatic reversal of the previous day\u2019s rally.<\/p>\n<p>The Dow Jones Industrial Average shed 1,059.73 points, down 3.1% for the day. The tech-heavy Nasdaq Composite index cratered 5%, down 647 points, marking one of its biggest one-day declines since the outset of the pandemic in March 2020.<\/p>\n<p>The market volatility came after the Federal Reserve on Wednesday OK\u2019d a half-percentage-point increase in the interest rate in an attempt to slow the rate of inflation. That news pushed stocks higher, only to have those gains wiped out by Thursday\u2019s pullback.<\/p>\n<p>Overall, big tech fared worse than media companies in Thursday\u2019s major sell-off. Netflix, already suffering huge drops in market value this year after missing subscriber estimates, sank 7.7%, dropping to a new four-year low of $188.32\/share. Streaming platform company Roku fell 6.9%, to $102.45.<\/p>\n<p><strong>Click here to sign up for\u00a0<em>Variety<\/em>\u2019s free Strictly Business newsletter covering earnings, financial news, and more.<\/strong><\/p>\n<p>Amid the carnage, one outlier was Twitter, whose shares closed up 2.8%, to $50.41\/share, after Elon Musk said he had secured an additional $7.1 billion in equity financing to execute his $44 billion takeover of the company. That is still 7% lower than Musk\u2019s $54.20\/share bid.<\/p>\n<p><em>More to come.<\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks slumped Thursday in the financial markets\u2019 biggest meltdown so far this year, with tech companies taking a harder hit than the media sector in a dramatic reversal of the previous day\u2019s rally. The Dow Jones Industrial Average shed 1,059.73 points, down 3.1% for the day. The tech-heavy Nasdaq Composite index cratered 5%, down [&hellip;]<\/p>\n","protected":false},"author":51,"featured_media":98251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[101,3,105,106],"tags":[],"jetpack_featured_media_url":"https:\/\/centralrecorder.com\/wp-content\/uploads\/2022\/05\/Media-Tech-Stocks-Slide-US-Markets-See-Biggest-Drop-So.jpg","_links":{"self":[{"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/posts\/98250"}],"collection":[{"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/comments?post=98250"}],"version-history":[{"count":0,"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/posts\/98250\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/media\/98251"}],"wp:attachment":[{"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/media?parent=98250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/categories?post=98250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/centralrecorder.com\/wp-json\/wp\/v2\/tags?post=98250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}