Market News: Eli Lilly and Co, Walt Disney, Netflix

Market News: Eli Lilly and Co, Walt Disney, Netflix
market news

The stock markets in the United States suffered a significant decline today due to the increasing concerns regarding the slowing global economic growth and the continued selloff in emerging-market equities.

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The S&P 500 declined more than 2.10% and wiped out its gains this year. The Do Jones Industrial Average (DJIA) dropped 2.06%; NASDAQ fell 2.82%, and the Russell 200 slid 2.10%.

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Commenting the current market situation, Larry Peruzzi, director of international trading at Cabrera Capital Markets told Bloomberg, “Right now there are so many more concerns than hopes. There are global growth concerns, Fed minutes created some uncertainty about rates, and also playing a part is oil poised to dip below $40.”

Citigroup reduced its 2016 global growth forecast to 3.1% from 3.3% due the currency weakness and slowing economic growth in China. Market observer speculated that the Federal Reserve could delay its first interest rate hike due to the slowing global growth.


The Federal Reserve Open Markets Committee (FOMC) indicated that the conditions for raising interest rates were approaching. However, policymakers expressed concerned regarding the lingering low inflation, and they want to feel more confident that the inflation is moving toward their target. The Committee also perceived more room for the labor market to improve.

Quincy Krosby, a market strategist at Prudential Financial, said, “We have been conditioned to buying on the dip. What’s happening is that investors want that dip deeper. It’s no longer a knee-jerk reaction to buy on the dip because the Fed will underpin the market. Investors are much more cautious and not as sure that the Fed will be there.”

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 16,991.36 (-2.06%)
  • S&P 500- 2,035.87 (-2.10%)
  • NASDAQ- 4,877.49 (-2.82%)
  • Russell 2000- 1,177.69 (-2.10%)

European Markets

  • EURO STOXX 50 Price EUR- 3,353.48 (-2.23%)
  • FTSE 100 Index- 6,367.89 (-0.56%)
  • Deutsche Borse AG German Stock Index DAX- 10,432.19 (-2.34%)

Asia-Pacific Markets

  • Nikkei 225- 20,033.52 (-0.94%)
  • Hong Kong Hang Seng Index- 22,757.47 (-1.77%)
  • Shanghai Shenzhen CSI 300 Index- 3,761.45 (-3.21%)

Stocks in Focus

The stock price of Eli Lilly and Co climbed more than 4% to $87.34 per share. The company together with Boehringer Ingelheim announced that its diabetes drug, Jardiance demonstrated cardiovascular risk reduction in people with type 2 diabetes.

Walt Disney declined more than 6% to $100.01 per share. Analysts at Sanford C. Bernstein & Co. reduced their rating on the stock from Outperform to Market Perform.

The stock value of Netflix dropped almost 8% to $112.49 per share. Sky released new updates to increase its competitiveness in the market, which is probably one of the reasons why Netflix’s shares fell. Netflix recently increased its price for new subscribers in Europe.


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