Finance
Stocks fall as tech takes a beating
Stocks were mostly lower Wednesday, with the Nasdaq Composite
dropping more than 1%, as Congress questioned executives from
Twitter and Facebook. The dollar fell,
and Treasury yields remained largely unchanged.
Here’s the scoreboard:
Dow Jones industrial
average:
25,975.67
+23.19 (+0.089%)
S&P
500: 2,886.87 −9.85 (-0.34%)
Nasdaq
Composite:
7,995.17
−96.07 (-1.19%)
- Executives from Twitter and Facebook testified before
Congress. In back-to-back House and
Senate hearings, lawmakers
questioned Facebook COO Sheryl Sandberg
and Twitter CEO Jack Dorsey about
political content and how the companies are preparing to combat
foreign-meddling threats ahead of midterms. The hearings
sent tech stocks lower. - The US trade deficit
jumped to a five-month high. The gap with
China hit a record peak, just before the Trump administration
is expected to announce it will enact additional tariffs on $200 billion
worth of Chinese products. The trade deficit has
been a main source of frustration for President Donald Trump,
who sees it as a sign of economic weakness. - NAFTA negotiations between the US and Canada
drag on. As part of last-ditch efforts to
modernize the 1994 agreement, high-level trade officials met in
Washington to discuss ongoing issues such as tariffs on metal
and dairy products. Last week,
Trump threatened to hit Canada with duties on auto imports
and to exclude the country from a trade agreement with Mexico.
And a look at the upcoming economic calendar:
- Employment and wage numbers are out in the US and Canada.
- China releases trade balance data.
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