Media and entertainment stocks are having a great day, as are the markets, with the Dow, S&P and Russell 2000 all firmly on the rise. Investors are baking in a rate cut this fall, with some pushing for relief as early as July 31.
Rate cuts will be the 'rising tide' that pushes stocks higher, says portfolio manager
Showbiz stocks are up almost across the board. Disney and Paramount Global gained 2%, Warner Bros. Discovery rose nearly 7%. Shares from Comcast to Fox to TKO, AMC Networks and AMC Entertainment are higher. Broadcasters are bullish, with Nexstar, Sinclair, Tegna and Gray all jumping.
A media analyst said the media stock market is shifting less toward technology and more toward value and more interest-rate sensitive names.
The Dow Jones Industrial Index rose more than 700 points in afternoon trading,
