Economics

Media Stocks Are Getting Crushed; Oil, Emerging Markets Currencies Fall

Declines in the ruble coincided with oil falling in six of the past eight Augusts, and the market is cued for a repeat.
Photographer: Andrey Rudakov/Bloomberg

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By Jeremy Herron and Callie Bost

August 5, 2015 at 10:52 PM UTC

Updated on

August 6, 2015 at 9:05 PM UTC

This article is for subscribers only.

U.S. stocks fell as biotechnology shares retreated and media firms sank on a fresh round of disappointing earnings. Emerging-market equities and currencies tumbled amid the specter of higher U.S. interest rates.

The Standard & Poor’s 500 Index lost 0.8 percent. Media stocks from Viacom Inc. to 21st Century Fox Inc. fell in the biggest two-day selloff since 2008, while Biogen Inc. led biotech shares lower. The MSCI Emerging Markets Index dropped