Media stocks weighed on Wall Street Thursday on negative updates from Disney and Comcast. Fred Katayama reports.
Media stocks weighed on Wall Street Thursday, sending the markets lower. But gains in Microsoft and Amazon helped lift the Nasdaq. Lisa Erickson of U.S. Bank Wealth Management: SOUNDBITE: LISA ERICKSON, HEAD OF TRADITIONAL INVESTMENTS GROUP, U.S. BANK WEALTH MANAGEMENT, (ENGLISH) SAYING: "The market's on edge. We've had a lot of good news generally come up with corporate earnings both in the U.S. and globally. But really what the market is looking for is really where's the next leg. And there is a lot of uncertainty out there, whether it's some of the geopolitical developments or whether it's what may happen exactly with central bank policy." Also hurting stocks: the number of Americans filing unemployment claims soared last week way beyond economists' expectations. Falling Treasury yields sent Goldman Sachs and Bank of America lower. Disney issued a profit warning. That sent its stock lower as those of rivals such as CBS and Twenty-First Century Fox. Comcast shares dropped amid high turnover. The cable operator warned it could lose up to 150,000 subscribers in the current quarter, partly due to the storm. GoPro jumped more than 15 percent. With demand strong for its Hero 6 and Fusion 360 action cameras, the manufacturer of action cameras predicted it'll post an adjusted profit in the third quarter. In Europe, a rally in auto stocks drove the markets higher.