Netflix stock plummeted by 6.7% on Black Monday pushing the VOD giant well into the red as the 2nd worst performer in the S&P 500 according to market data.
Following China’s disastrous stock market opening this week, a degree of market panic set in over the course of Monday wiping out billions of dollars across stock exchanges in Europe and the U.S.
Among those affected were media and tech companies that took a severe beating, including Netflix stock, which has seen a 20% drop in just 3 trading sessions. Over the course of the day, Netflix stock plummeted 18% before recovering, and then falling back into the red with a huge 6.7% drop.
Since the start of August, media and tech companies have faced a considerable selloff including Disney that has seen its stock price slide considerably with a further 3.45% fall today. Facebook was also down 4.5% on Monday while Time Warner Inc saw nearly a 4% drop.
Despite the market turmoil Netflix is in good shape and has continued to exceed expectations in gaining new subscribers and the recent jitters are expected to subside once more confidence has returned to global markets.