Communications services companies fell as traders rotated out of risky sectors.
Walt Disney declined, and was set to finish the week with modest losses after the Florida Senate approved a bill that would dramatically alter the governance of a special-tax district near Orlando that has allowed Walt Disney to self-govern the land that houses its theme parks.
Disney's stock-market resilience, despite a slowdown in economic demand, reflects broader buoyancy during a negative earnings season, said one strategist.
"Disney came out yesterday and talked about cuts, costs savings, the notion of restructuring, including layoffs," said Quincy Krosby, chief global strategist at brokerage LPL Financial. "The market has been forgiving, provided the guidance provides some semblance of rationalizing the business."
News Corp shares tumbled after the media company, the publisher of this item, posted fiscal second-quarter earnings shy of Wall Street estimates, and said it would lay off 5% of its work force.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-10-23 1733ET
