40% of S&P 500 and Nasdaq-100 stocks fell 3% or more.
A variety of consumer discretionary and communications stocks lost ground on Monday, with companies providing streaming and related services standing out as investors seemed to accept that there is no reason to expect the Federal Reserve to slow its efforts to cool the economy and fight inflation.
Shares of Warner Brothers Discovery Inc. WBD tumbled 7%, while Netflix Inc. NFLX fell 6%. Paramount Global PARA and Dish Network Corp. DISH each declined 5%. “That changed last week when several Fed representatives took a tough stance and indicated there wouldn’t be a change to the trajectory of higher rates, which could weigh on economic prospects. Now everyone is confused,” Lindsey Bell, Ally Financial’s chief money and markets strategist wrote in an email.
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