Stock market news: Opening bell, September 5, 2018

Sheryl
Sandberg, Facebook’s chief operating officer, addresses the
Facebook Gather conference in Brussels,
Belgium.
Reuters/Yves
Herman

Here is what you need to know.

Social-media execs testify before
Congress. Facebook COO Sheryl Sandburg will
testify before a Senate select committee on intelligence
Wednesday about her company’s response to Russian interference
during the 2016 election. Twitter CEO Jack Dorsey will also
appear.

Amazon joins the $1 trillion club. Amazon
became the second US company to reach a $1 trillion valuation.
Apple hit the plateau less than one month ago.  

Nike sinks after making Colin Kaepernick the new face of its
‘Just Do It’ ads. Nike shares fell 3.16% on
Tuesday after the sneaker giant revealed Colin Kaepernick,
the former San Francisco 49ers quarterback and leader of the
polarizing NFL protests during the national anthem, was named the
face of the company’s 30th anniversary “Just Do It” ad
campaign. 

Snap slides to an all-time low. Shares touched
a low of $10.43 apiece on Tuesday, their lowest since the company
went public in March 2017. 

42 Tesla employees reveal the frenzy of working at Tesla
under the ‘cult’ of Elon Musk. Business
Insider’s Julie Bort, Linette Lopez, and Mark Matousek spoke to
42 past and present Tesla employees to learn what it’s
like working for one of the world’s most ambitious and
controversial companies. 

Theranos is about to shut down for good. The
startup blood-testing company, which has been mired in scandal
over the past few years, plans to spend its next few months
repaying creditors with its remaining resources before shutting
down for good, the Wall Street Journal says, citing a shareholder
letter. 

The currency of the world’s 7th largest economy hits a record
low. The Indonesian rupiah has slid 10% this
year to a record low of 71.75 per dollar on Wednesday, and ANZ
strategists Khoon Goh and Rini Sen think it could get even worse
from here.

Stock markets
around the world are under pressure. Hong
Kong’s Hang Seng (-2.61%) was hit hard overnight and Germany’s
DAX (-0.96%) trails in Europe. The S&P 500 is set to open
down 0.32% near 2,887.

Earnings reporting is light. Cushman &
Wakefield reports after markets close.

US economic trickles out. The trade balance
will be released at 8:30 a.m. ET. The US 10-year yield is down 1
basis point at 2.89%.