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Disney, Comcast Stocks Rally After US-China Trade Deal
Media and tech stocks are off to a hot start this week following the U.S. and China both reducing their respective tariffs The post Disney, Comcast Stocks Rally After US-China Trade Deal appeared first on TheWrap.
A number of major entertainment companies, including Disney and Comcast, are seeing their share prices jump higher on Monday morning hours after the U.S. and China reached a deal to scale back their respective tariffs on each country.
The 90-day agreement will see both the U.S. and China reduce their tariffs by 115 percentage points each, bringing the U.S. tariff on China down from 145% to 30%, and China’s down from 125% to 10%. That agreement sparked a bull run on Wall Street on Monday morning, with the three major indexes — the S&P 500, Dow Jones and Nasdaq — all jumping at least 2.40% about 45 minutes into trading.
Several top entertainment and media companies followed suit, with Roku surging more than 10% in early trading and Warner Bros. Discovery’s stock price increasing more than 4%; they joined Disney — which is on a hot streak following a strong earnings report last week, with its share price up 20% in the past week — and Comcast, among other entertainment companies that are enjoying a share increase on Monday.
Wall Street’s hot start to the week comes after a wild April for traders, following the president’s announcement of his “Liberation Day” tariffs on April 2; that move led to both big jumps and declines for the markets in the days and weeks afterwards. Now, following Monday’s jump, all three major stock indexes are higher than they were that day.
“[The U.S. and China] concluded that we have a shared interest,” Treasury Secretary Scott Bessent said at a press conference on Monday. “The consensus from both delegations this weekend is that neither side wanted a decoupling and what had occurred with these very high tariffs … was an embargo, the equivalent of an embargo. And neither side wants that. We do want trade.”
Wedbush analyst Dan Ives told CNBC on Monday the trade deal with China is a “dream scenario” for Big Tech, and investors seem to agree. Meta’s share price is up 6.05% in early trading, Apple is up 5.64% and Amazon is up nearly 8%, to name a few.
The post Disney, Comcast Stocks Rally After US-China Trade Deal appeared first on TheWrap.
