Markets Right Now: Tech stock sink; Facebook takes a beating

Markets Right Now: Tech stock sink; Facebook takes a beating Photo: AP

March 19, 2018 03:21 PM

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

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Technology stocks led a broad decline on Wall Street, led by a plunge in Facebook following reports that a company employed by the Trump campaign improperly obtained data on tens of millions of users.

Facebook sank 7 percent in heavy trading Monday, its biggest daily drop in four years.

Other technology stocks, which have far outpaced the rest of the market, also fell. Google's parent company, Alphabet, lost 3 percent.

Safe-play stocks like utilities and phone companies fared better.

The S&P 500 index fell 39 points, or 1.4 percent, to 2,712.

The Dow Jones industrial average lost 335 points, or 1.3 percent, to 24,610. The Nasdaq composite fell 137 points, or 1.8 percent, to 7,344.

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11:45 a.m.

Technology stocks are leading U.S. indexes sharply lower in midday trading as Facebook falls.

Facebook sank 7.5 percent in heavy trading Monday following reports that a company employed by the Trump campaign improperly obtained data on tens of millions of users.

Other tech companies also fell. Google's parent company Alphabet fell 3.5 percent and Twitter lost 3.1 percent.

Stewart Information Services jumped 9 percent after the title insurance and real estate services company said it will be bought by Fidelity National Financial.

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

The Dow Jones industrial average lost 324 points, or 1.3 percent, to 24,625. The Nasdaq fell 174 points, or 2.3 percent, to 7,307.

Bond prices rose. The yield on the 10-year Treasury fell to 2.83 percent.

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9:58 a.m.

A sharp loss for Facebook is helping to pull technology companies lower as stock indexes decline in early trading.

Facebook slumped 5.3 percent early Monday. The company is facing new criticism following reports that a data mining firm employed by the Trump campaign improperly kept data on tens of millions of users.

Other tech companies also fell. Chipmaker Nvidia lost 1.1 percent.

Shopping mall owner GGP was unchanged percent after Reuters reported the company had received a revised takeover offer.

The S&P 500 fell 17 points, or 0.6 percent, to 2,734.

The Dow Jones industrial average lost 174 points, or 0.7 percent, to 24,772. The Nasdaq fell 69 points, or 0.9 percent, to 7,412.

Bond prices fell. The yield on the 10-year Treasury rose to 2.86 percent.

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(Copyright 2018 by The Associated Press. All Rights Reserved.)

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