Thursday, 26 April, 2018

Facebook drags tech companies down

Dow sheds 400 points as tech stocks crash on Facebook news Modal Trigger Getty Images
Preston Stone | 20 March, 2018, 16:19

Stocks tumbled on Monday, dragged down by shares of technology companies, which until recently had propelled the nine-year bull market ever higher.

The Dow Jones Industrial Average slipped 335.60 points, or 1.35%, to 24,610.91, falling back into negative territory for the year. The S&P 500 lost 11.84 points, or 0.430231 percent, to 2,740.17.

The Nasdaq composite retreated 137.74 points, or 1.8 percent, to 7,344.24.

Stocks fell sharply on Monday, as data privacy concerns engulfed Facebook and drove a tech sell-off that weighed on the broader market, Fox Business reported.

The company's stock price was down 6.8 percent by the end of the day, marking the worst day the stock has had since March 2014.

Also Monday, reports emerged that a consulting company associated with Trump's 2016 presidential campaign and worked with tech giant Facebook improperly gained access to information on millions of Facebook users.

Mumbai Rail Roko Protest, Students demanding jobs, Block railway tracks
Following the protest Central Railway was forced to stop suburban as well as express train services, an official said. The sudden agitation also affected the delivery services of Dabbawalas, the famed tiffin-carriers of Mumbai .

Facebook shares slumped 6.8%, losing almost $US38 billion and dropping its market value to just over $US501 billion. And Apple, the largest American company by market capitalization, sank 1.5 percent.

The S&P 500 fell 40 points, or 1.5 percent, to 2,710.

It's important to note that other big tech companies also had a rough Monday. "They are going to get a lot more scrutiny over what data they are collecting and how they are using it", said Shawn Cruz, senior trading specialist at TD Ameritrade in Chicago.

The Nasdaq saw outsize weakness due to technology shares; the sector fell 2.1% in its biggest drop since February 8.

Industrials fell 0.82 percent against the backdrop of worries about a global trade war, which are set to dominate a two-day G20 meeting in Argentina.

An hour earlier the fall was more than 50 points as Wall Street was staring at 400 point losses on the Dow.

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