Communications services companies slid as momentum traders fled some of the fastest-rising 2024 leaders.

The stock-market correction may not be a long-lived one but has the potential to be sharp following the recent rally, said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund.

Shares of streaming giant Netflix fell 2.8% to $598.50, trimming its gains for the year to date to 28%.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

03-05-24 1742ET