Investor Sentiment Plunges as Disney Hits Nine-Year Low

Shares of Walt Disney closed at their lowest level in nearly nine years as investors turned bearish, with some betting on a further price drop in the coming months. Disney stockholders are closely watching the company's turnaround plan, which includes price hikes, more ads, and cost cuts across its streaming properties. Trading sentiment leaned towards bearish bets, with put options being actively traded to guard against the stock slipping below $80 by mid-September and mid-October. The stock was also affected by market weakness and caution ahead of U.S. Federal Reserve Chair Jerome Powell's speech. Disney's CEO acknowledged the challenging environment in the company's recent earnings report.