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This week, markets experienced a notable uptick as investor confidence swelled following a shift in rhetoric from President Trump regarding Federal Reserve Chair Jerome Powell, alongside ongoing tariff discussions with China, despite China’s rejection of the claims.
The Billboard Global Music Index, which tracks 20 companies, surged by 6.1% to reach 2,595.95, marking its third week of gains following a drop of 10.9% in the previous two weeks. The recovery was broadly felt across the music industry, with 16 out of the 20 stocks in the index recording positive results. Notably, both Anghami and Sphere Entertainment Co. saw increases exceeding 10%.
Major stock indexes rebounded as the perception of U.S. tariff policy improved. President Trump reiterated his commitment to keeping Powell in his position, which further boosted market sentiment. The Nasdaq composite rose by 6.7% to 17,382.94, while the S&P 500 ascended 4.6% to 5,525.21. Across the pond, the U.K.’s FTSE 100 climbed 1.7% to 8,415.25, and South Korea’s KOSPI composite index increased by 2.5% to 2,546.30. Meanwhile, China’s SSE Composite Index experienced a slight rise of 0.6% to 3,295.06.
After a period of uncertainty regarding U.S. tariffs that dampened markets, news of the U.S. Trade Representative swiftly engaging with trading partners began to ease investors’ concerns. According to Jay Hatfield, the founder and chief investment officer of InfraCap, the market appears to have “reached peak tariff tantrum,” suggesting that the most intense uncertainties may have passed. Thomas Martin, a senior portfolio manager at GLOBALT, indicated to Reuters that the stock market had been “oversold by virtually all measures,” signaling potential for a recovery.
Among the beneficiaries this week was Sphere Entertainment Co., whose stock jumped 13.8% to $28.88. This surge was propelled by the announcement from its subsidiary, MSG Networks, of a successful negotiation to reduce its debt by $514 million and lower broadcasting fees for New York Knicks and New York Rangers games, causing shares to rise by 9.1% in a single day.
Spotify also demonstrated solid performance, increasing 8.1% to $620.72, culminating in a 23.3% gain over the past three weeks ahead of its first-quarter earnings report due on April 29. UBS adjusted its price target down to $680 from $690, while Wolfe Research upgraded its rating on the stock to “outperform” from “peer perform.”
Live Nation’s shares rose 4.4% to $132.76, even as Wolfe Research revised its price target downward to $158 from $165, maintaining an “outperform” rating.
Warner Music Group (WMG) reported a modest increase of 2.4%, bringing its shares to $29.83, although Morgan Stanley lowered its target for WMG to $32 from $37 and adjusted its rating to “equal weight” from “overweight.” Universal Music Group (UMG) also climbed 3.5% to 24.79 euros ($28.28), achieving a year-to-date gain of 3.7%, with earnings set to be reported Tuesday.
In contrast, K-pop stocks experienced a quieter week after a period of significant activity during the tariff turmoil. HYBE, like Spotify and UMG, is scheduled to release first-quarter earnings on Tuesday and saw a slight increase of 0.9%. SM Entertainment and JYP Entertainment improved by 0.6% and 0.2%, respectively, while YG Entertainment saw a decline of 4.9%. Nevertheless, K-pop stocks continue to outperform the broader music sector, collectively averaging a year-to-date gain of 27.1% across the four major South Korean companies.
Cumulus Media’s shares, however, took a significant hit, plummeting 16.0% to $0.21 after the announcement that the company would be delisting from the Nasdaq exchange on May 2, transitioning to over-the-counter trading. This decline marks a staggering 72.7% drop in share value for Cumulus in 2025, and a staggering 92.2% fall over the past year.
Source
www.billboard.com