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Tech sell-off; Emerging market pain; US tariffs loom

1. Tech trouble: Shares in tech companies tumbled on Wednesday as investors worried about i...

Posted: Sep 6, 2018 10:10 AM
Updated: Sep 6, 2018 10:10 AM

1. Tech trouble: Shares in tech companies tumbled on Wednesday as investors worried about increased scrutiny of the industry and potential new regulations.

The main source of consternation was a hearing on Capitol Hill, where Jack Dorsey of Twitter and Sheryl Sandberg of Facebook testified on their efforts to combat foreign influence in elections.

Shares in Twitter dropped 6%, and Facebook shed 2.3%. Google owner Alphabet dropped 1%. The tech-heavy Nasdaq ended the trading session down 1.2%.

JD.com, a Chinese tech firm listed in New York, dropped 10% following rape accusations against its founder and CEO Richard Liu. He has denied the allegations.

2. Emerging market turmoil: Chinese stocks are in a bear market. Turkey's currency has collapsed. South Africa has stumbled into a recession. But will the pain spread further?

Investors have focused their attention on a slide in emerging markets stocks that has pushed the the iShares MSCI Emerging Markets ETF near a 14-month low. The ETF has now lost over 11% in 2018.

Copper, another closely-watched barometer of economic strength, has lost one-fifth of its value since early June.

The storm rocking emerging markets has its origins in Washington. Vulnerable currencies plunged as the US Federal Reserve steadily raised interest rates. And President Donald Trump's trade crackdown added gasoline to the fire.

Investors worry that the pain could spread, infecting other emerging markets or even Wall Street. That's what happened two decades ago during the Asian financial crisis.

3. US tariffs looming: The public comment period on the latest round of US tariffs on China concludes Thursday, meaning the United States could impose tariffs on around $200 billion of Chinese goods as early as Friday.

That would amount to roughly half of all Chinese imports entering the country. Trump has already imposed 25% tariffs on $50 billion worth of Chinese goods — and Beijing has retaliated in kind.

China has pledged to push back against the United States if it moves forward with the new tariffs.

4. Global market overview: US stock futures were edging lower.

Major markets in Europe and Asia were down. The Dow Jones industrial average closed 0.1% higher on Wednesday, while the S&P 500 was down 0.3%.

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5. Earnings and economics: Barnes & Noble and Lands' End will release earnings before the open. Broadcom and GameStop will follow after the close.

A new Nike commercial featuring Colin Kaepernick will air during Thursday night's NFL opener between the Atlanta Falcons and the Philadelphia Eagles. The controversial campaign has sparked product boycotts and put the company's stock under pressure.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
Thursday — Barnes & Noble, Broadcom and GameStop earnings; NFL regular season begins
Friday — Jobs report

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 103813

Reported Deaths: 3993
CountyConfirmedDeaths
Los Angeles498602241
Riverside7341313
San Diego7100260
Orange5744142
San Bernardino4914190
Alameda309794
Santa Clara2701140
San Francisco243740
San Mateo202282
Kern200737
Tulare183580
Fresno165832
Santa Barbara163612
Imperial144326
Contra Costa138437
Sacramento134956
Ventura106232
San Joaquin84235
Kings7043
Stanislaus68328
Sonoma5304
Solano50922
Monterey4699
Marin43614
Merced2807
San Luis Obispo2681
Yolo20723
Santa Cruz2062
Placer1969
Napa1113
Humboldt983
Madera942
San Benito852
El Dorado840
Del Norte440
Sutter422
Nevada411
Butte400
Shasta374
Mono351
Yuba281
Mendocino250
Lake230
Inyo191
Mariposa161
Calaveras150
Glenn140
Amador100
Siskiyou60
Colusa50
Lassen50
Tuolumne40
Plumas40
Tehama41
Alpine20
Trinity10
Sierra10
Unassigned00
Chico
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Oroville
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Hi: 86° Lo: 56°
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We'll be staying hot on Friday, but won't be as hot as the last few days. The potential for active weather returns Friday night into Saturday and much cooler temperatures are on the way for your weekend.
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