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The Closing Bell: Nasdaq Slumps As Facebook, Twitter Weigh On Tech Stocks
FYI: Declines in internet stocks dragged down the S&P 500 Wednesday as investors awaited updates on key trading relationships.
The index dropped 0.3% and was on track for its third decline in the past four sessions, though it remains near an all-time high. The Dow Jones Industrial Average was recently up 16 points, or less than 0.1%, to 25968, while the tech-heavy Nasdaq Composite shed 1%.
Wednesday’s stumble for technology shares came as Twitter Chief Executive Jack Dorsey and Facebook Chief Operating Officer Sheryl Sandbergtestified in front of the Senate Intelligence Committee about their platforms’ handling of manipulation by foreign actors during the 2016 presidential election. Worries about heavier regulation have hung over the sector, and some investors are also anxious that tariffs will hurt trade-dependent internet firms.
Of the eleven S&P 500 Sectors eight were up, with Consumer Discretionary, Energy, and Technology down. Regards, Ted
