Bezos Walks Robotic Dog as Facebook Crisis Deepens: Taking Stock
FTC Said to Probe Facebook on Personal Data Use
Stock futures are mixed, though the news overnight hasn’t been uplifting -- we’ve had reports of the White House planning $60 billion in China tariffs, a big economic miss (German ZEW falling to lowest level since 2016), and the Nasdaq is looking weaker again. FB is down 1% pre-market, after cratering 6.8% yesterday, as the Cambridge Analytica data breach crisis deepens and after NYT said the company’s Chief Security Officer is departing.
This comes after a volatile session where the VIX soared nearly 40% at one point to ~22, mega-cap tech sold off (NYFANG -2.9%) on spillover from Facebook, and every sector in the S&P 500 closed lower. Aside from the "quad witch" on Friday, yesterday’s volumes were the highest in two weeks. We may see more of the same today as investors assess the carnage in tech (noting ORCL down 8.5% on multiple downgrades post-earnings plus worries over EU digital taxation) and position ahead of tomorrow’s FOMC decision.