The Chinese stock market caught a cold this week, but tech and music firms in the west were sneezing too. Yesterday saw losses across all the major indices, and the knock-on effects saw Pandora’s share price drop 4% to $17.13, SiriusXM Radio’s 3% to $3.61, and Live Nation 1.6% to $3.62. SFX Entertainment’s stock dropped 5.6% to $0.85, although as Billboard noted, the EDM company “has different troubles” with its ditched buyout.
Bigger tech firms were also affected: Apple’s share price initially dropped by 13% – China has been a big part of its recent growth story – before recovering to end the day down 2.5% to $103.15. Google was down 4% to $618.11, Facebook down 4.6% to $82.09, and Netflix down 7% to $96.88. And so on.