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Stocks fall as tech takes a beating

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Traders work near the end of the day on the floor of the New York Stock Exchange in New York, U.S., February 8, 2018. REUTERS/Brendan Mcdermid
Traders
work near the end of the day on the floor of the New York Stock
Exchange in New York

Thomson
Reuters


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%)

  1. 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
  2. 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. 
  3. 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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