The Dow Jones Industrial Average was trading in negative territory Thursday afternoon, with shares of Walt Disney Co., and Goldman Sachs Group Inc., proving the biggest drags on the benchmark. Shares of Disney were down $5.13, or 5%, by far the worst performer among the Dow’s 30 components and slicing more than 35 points from the price-weighted gauge. A $1 swing in any Dow component equates to a move of 6.89 points. The Dow was off 47 points, or 0.2% at 21,759, while the S&P 500 index was down 0.1% at 2,463, and the Nasdaq Composite Index was up about 0.1% at 6,396. During a Bank of America Merrill Lynch’s Media, Communications & Entertainment Conference, Disney CEO Bob Iger said the entertainment and media giant will report annual earnings “roughly in line” with what the company generated in fiscal year 2016 at about $5.72, disappointing analysts average, annual estimates for full-year earnings a share of $5.89. Other media stocks also fell on the news, including CBS and 21st Century Fox . Meanwhile, Goldman Sachs Group Inc.’s shares also pressured the Dow as benchmark yields trade near fresh November lows, at 2.06%, for the 10-year Treasury note . That fact and diminished expectations for more rate increases by the Federal Reserve in 2017 weighs on a bank’s business model. Combined, Goldman and Disney’s stock were dragging the Dow down by about 60 points.
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