Tech Slump Drags Nasdaq Down 2% as Disney, Cisco, and Sealed Air Dominate Market Moves
U.S. equities retreated sharply Thursday, with the Nasdaq bearing the brunt of a 2% decline as technology stocks faltered. The downturn followed President Trump's resolution of the longest federal shutdown in history, though market sentiment remained fragile.
Disney shares plunged 9% after disappointing earnings revealed cracks in its linear TV networks division. The media giant's struggles contrasted with Cisco Systems' 4% surge, fueled by an upgraded profit forecast that defied the sector-wide slump.
Packaging innovator Sealed Air skyrocketed 19% on takeover rumors, while Firefly Aerospace gained 17% after outperforming expectations. The commodities complex showed modest strength, with oil edging toward $60/barrel as Treasury yields crept above 4%.
