The Dow Jones nosedived this afternoon as the Federal Reserve – which has raised interest rates ten times since last year – held them steady for June but indicated that more hikes are on the way. A pause in the aggressive increases meant to stem inflation was expected, but hawkish commentary in a statement out
Media Stocks
The mountains are as gorgeous as ever, the deal climate not so much as boutique investment bank Allen & Co. prepares to host its annual Sun Valley retreat. After guests arrive on Tuesday, official activities get under way Wednesday. The annual ritual of media-mogul whitewater rafting and shop talk is a 40-year, post-July 4 tradition.
Dismal monthly inflation data hit stocks Friday with tech, internet and media taking a beating and Goldman Sachs slapping rare ‘sell’ rating on Netflix and a few others. The bank downgraded the streamer from ‘neutral’ on economic and competitive jitters and cut its price target to $186 from $265 – the lowest on the Street.