Communications services companies rose as investors bet the sector would benefit from shifts in media consumption.
Shares of Netflix, one of the biggest gainers on the stock market in the Covid-19 era, advanced again. NBCUniversal has begun making staff cuts across its entertainment portfolio including its sports and cable channels, broadcast networks, movie studio and theme parks, The Wall Street Journal reported.
Warner Music Group shares fell after the record label posted a less severe second-quarter decline in revenue than anticipated, as sales of streaming music offset slowdowns in other business lines during pandemic lockdowns. Warner swung to a loss in the most recent quarter.
The White House withdrew Mike O'Rielly's nomination for a new term on the Federal Communications Commission because of reservations he expressed about President Trump's initiative to regulate how social-media platforms treat user-generated content, The Wall Street Journal reported.
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