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Media, Tech Stocks Slide as Investors Fear COVID Resurgence




Financial markets took a hit Monday amid fears that the Delta variant of the COVID-19 virus would delay reopening plans and put a damper on economic recovery.

The Dow Jones Industrial Average index closed down 2.1%, off 724.56 points to 33,963.29 — the biggest one-day drop for the Dow since last October. The S&P 500 also dropped, declining 1.6% for the day, while the tech-focused Nasdaq fell 1.06%.

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Big media companies were pulled down in the selloff, including Disney (-3.75%), ViacomCBS (-1.7%), AT&T (-2.08%), Comcast (-1.89%), Lionsgate (-5.12%) and Discovery (-1.93%).

Also declining were Apple (-2.96%), Amazon (-1.04%), Facebook (-1.46%) and Google parent company Alphabet (-2.13%).

Netflix, meanwhile, was less hard-hit than other media and tech stocks — in fact, it was one of the day’s few gainers, closing up 0.37%. The streaming giant is scheduled to report Q2 2021 earnings after market close on Tuesday, July 20.

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