Communications services companies slid as traders retreated from high-risk areas in light of Federal Reserve Chairman Jerome Powell's warning that rate cuts were not yet a certainty.
Paramount Global shares jumped after media mogul Byron Allen's Allen Media Group made a $14.3 billion offer to acquire the cable-and-streaming giant, setting up a potential bidding war.
David Ellison's studio Skydance Media is reportedly also pursuing Paramount.
A federal judge dismissed Walt Disney's lawsuit against Florida Gov. Ron DeSantis and his allies who oversee the company's theme-park operations in Florida, dealing a blow to the entertainment giant in its long-running battle with the governor.
Universal Music Group, the world's largest music company, said it would stop licensing content to TikTok if the firm fails to reach a new contract with the social-media app to pay its musicians, which include Taylor Swift and Drake.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-24 1735ET
