A collection of music-related stocks slipped even lower on Wednesday, part of another market nosedive.
At the bell, the broader Dow dropped 427.47 points, or 5.04 percent to a depressed 7,997.28. The sub-8,000 plunge represents the lowest valuation since early 2003, and raises the possibility of further drops ahead.
The dreary day pushed shares of Warner Music Group (WMG) downward 3.38 percent to $2.57, near an all-time low, though others scraped bottom. That includes Live Nation (LYV), which dropped 15.64 percent to $3.99, a nadir for the stock. Elsewhere, a heavily-distressed Sirius XM Radio (SIRI) slumped another 19 percent to just 16.2 cents.
Ticketmaster (TKTM) challenged its floor, slipping 4.61 percent to $5.80. Apple, the healthiest of the bunch, dropped 4.03 percent to $86.29, a figure that dances just above a 52-week low.
Companies like Warner Music Group and Sirius have fundamental issues, though broader headwinds are driving the severe declines. The Federal Reserve continues to express bearishness, and most are girding for a prolonged recession or worse. Other indicators suggest an economy in the toilet: housing starts are also scraping bottom, unemployment is on the rise, and consumer confidence is flailing. Optimists are eyeing potential buying opportunities, though the prevailing mood is one of caution, not bargain-hunting.