Comms services suffer steep losses despite gains in T, FOXA, and NWS
The main indices pulled back from session highs, but remain well off session lows. The S&P 500 communication services sector (-1.4%) is among the worst performers today despite nice gains in AT&T (T 20.22, +1.06, +5.5%), Fox Corporation (FOXA 33.66, +0.99, +3.0%), and News Corp (NWS 20.91, +1.00, +5.0%). AT&T is trading up after its earnings report while Fox and News Corp are reacting to news that a proposal to explore combining the names has been withdrawn. The CBOE Volatility Index is up 3.8%, or 0.72, to 19.92.