Communications services companies fell as traders sharnk from high-risk sectors.
The communications services industry group is the leading gainer of the 11 on the S&P 500, but that’s largely a reflection of gains in a handful of companies, according to one strategist.
Netflix and Meta Platforms are among the companies whose stratospheric gains have skewed the sector’s performance, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management, noting that traditional telecom stocks such as AT&T and Verizon have lagged the sector.
Advertising giant WPP said it terminated the executive currently detained in China on charges of bribery and is conducting its own investigation into the matter.
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