Key Points
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Media stocks have edged lower due to Trump’s new tariffs on foreign movies.
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The stock market could end its nine-day winning streak today.
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Investors are waiting for the Fed meeting, but many individual stocks have made sharp moves as this is earnings season.
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President Donald Trump announced a 100% tariff on films produced outside the United States on Sunday. He said that the American film industry is declining due to foreign incentives attracting filmmakers away from the US. According to Trump, this is a national security issue.
He wrote on Truth Social, “The Movie Industry in America is DYING a very fast death. Other Countries are offering all sorts of incentives to draw our filmmakers and studios away from the United States. Hollywood, and many other areas within the U.S.A., are being devastated. This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda! Therefore, I am authorizing the Department of Commerce, and the United States Trade Representative, to immediately begin the process of instituting a 100% Tariff on any and all Movies coming into our Country that are produced in Foreign Lands. WE WANT MOVIES MADE IN AMERICA, AGAIN!”
Regardless, the fallout from another new tariff announcement hasn’t been limited to just media stocks. The broader market had its enthusiasm dampened after a nine-day winning streak.
Here’s a market update as of 10:30 A.M (ET) today.
- The S&P 500 is down 31.27 points, or 0.55%.
- The Nasdaq Composite is down 128.33 points, or 0.71%.
- The Dow Jones Industrial Average is down 29.08 points, or 0.07%.
Media Stocks Fall
The decline in media stocks is rather muted. The specifics of the tariffs on foreign movies are not yet out, so the market hasn’t taken this too seriously.
- Netflix (NASDAQ: NFLX) is down 2.3%.
- Paramount (NASDAQ: PARA) is down 1.1%.
- Warner Bros Discovery (NASDAQ: WBD) is down 0.9%.
- Liberty Media Corp (NASDAQ: FWONK) is down 0.5%.
- Disney (NYSE: DIS) is down 0.44%.
Notable Losers Today
- Integra Lifesciences Holdings (NASDAQ: IART) is down 30.4% after bad Q1 earnings. The company missed EPS expectations of $0.43 and posted non-GAAP EPS of $0.41.
- PTC Therapeutics (NASDAQ: PTCT) is down 19.5% as the company is facing scrutiny over phase 2 study data. The trial of its Huntington’s disease treatment is confusing investors as it showed “blood mHTT” being lowered, and there’s no clear evidence of the clinical benefits of it.
- TG Therapeutics (NASDAQ: TGTX) is down 15.9% after Q1 earnings fell short of Wall Street expectations. EPS came in at $0.03 vs. $0.17 expected.
- Immunitybio (NASDAQ: IBRX) is down 12% after the FDA issued a Refusal to File letter.
- MARA Holdings (NASDAQ: MARA) is down 9.4% as Bitcoin production fell 15% last month.
Notable Gainers Today
- Regencell Bioscience Holdings (NASDAQ: RGC) is up 25%. The company is continuing a 1,486%-plus year-to-date rally.
- Skechers USA (NYSE: SKX) is up 24.8% as there are reports that the company will be acquired by investment firm 3G Capital for $8.2 billion.
- BioCryst Pharmaceuticals (NASDAQ: BCRX) is up 12% after the company reported strong Q1 earnings and raised its guidance.
- Cable One (NYSE: CABO) is up 7.8% as it is recovering from a 35% decline after a bad Q1.
- Napco Security Technologies (NASDAQ: NSSC) is up 7.6% after solid Q3 earnings.
The image featured at the top of this post is ©monsitj / Getty Images.