Stocks drop; Tech pain; Trouble at Facebook

1. Buckle up: It's looking like another volatile day for stocks....

Posted: Mar 28, 2018 1:05 PM
Updated: Mar 28, 2018 1:05 PM

1. Buckle up: It's looking like another volatile day for stocks.

US stock futures were lower after a painful trading session on Tuesday. Markets in Europe and in Asia were also firmly in the red.

"The fact that global equities roared back to life on Monday only to surrender gains yesterday, continues to highlight how extremely skittish the market is currently," said Lukman Otunuga, a research analyst at FXTM.

The Dow dropped 1.4% on Tuesday, while the S&P 500 declined 1.7% and the Nasdaq shed 2.9%. The losses were driven by the tech sector.

"[The tech sell off is] fueled by fears of onerous regulation on the increasingly influential sector being on its way, in the wake of the Facebook data scandal," said Mike van Dulken, head of research at Accendo Markets.

Google parent Alphabet, Twitter, China's Tencent, Snap, Nvidia, Tesla and Netflix have all suffered losses this week.

CNNMoney's Fear & Greed Index, a gauge of market sentiment, has dropped further into "extreme fear" territory.

2. The latest on Facebook: Shares in Facebook have dropped over 10% in just a week.

On Tuesday, Facebook sources told CNNMoney that CEO Mark Zuckerberg has decided to testify before Congress within a matter of weeks.

The company has has been under a microscope after it was revealed that Cambridge Analytica, a data firm with ties to President Donald Trump's 2016 election campaign, reportedly accessed information from about 50 million Facebook users.

3. Oil drops: US crude futures were 1% lower at $64.60 per barrel.

Analysts attributed the drop in prices to a surprise build in inventories reported by the American Petroleum Institute on Tuesday.

The official US crude inventories report is set to be published at 10:30 a.m. ET. Investors will be watching closely for signs that the global oil glut is not going away.

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4. Earnings and economics: BlackBerry and Walgreens Boot Alliance are set to release earnings before the open. Gamestop will follow after the close.

The Commerce Department will release its third estimate of US fourth quarter GDP at 8:30 a.m. Analysts are expecting the reading to come in slightly stronger than the 2.5% increase reported last month.

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5. Coming this week:
Wednesday - Blackberry, Gamestop and Walgreens Boots Alliance earnings; US fourth-quarter GDP final look
Thursday -
Constellation Brands earnings; UK fourth-quarter GDP final look; US personal spending and consumer sentiment
Friday - US markets closed for Good Friday

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 313942

Reported Deaths: 7240
CountyCasesDeaths
DeSoto21580258
Hinds20330415
Harrison17879309
Rankin13594278
Jackson13429246
Madison10088217
Lee9970174
Jones8370163
Forrest7670152
Lauderdale7188241
Lowndes6387146
Lamar622486
Lafayette6184118
Washington5332133
Bolivar4801132
Oktibbeha462198
Panola4582106
Pearl River4506146
Marshall4435103
Warren4386121
Pontotoc420172
Monroe4107133
Union410076
Neshoba4030176
Lincoln3962110
Hancock378486
Leflore3493125
Sunflower335990
Tate333384
Pike3316105
Scott315773
Alcorn312768
Yazoo311469
Itawamba299777
Copiah296865
Coahoma295179
Simpson294988
Tippah288168
Prentiss279760
Adams278782
Marion269080
Leake267473
Wayne262641
Grenada261386
Covington258281
George247848
Newton246261
Winston227081
Tishomingo226667
Jasper221048
Attala214273
Chickasaw207757
Holmes188873
Clay185254
Stone182433
Tallahatchie178541
Clarke177980
Calhoun170532
Yalobusha164238
Smith162334
Walthall133945
Greene130533
Lawrence128524
Montgomery126742
Noxubee126734
Perry126338
Amite123042
Carroll121828
Webster114532
Jefferson Davis107033
Tunica105226
Claiborne102430
Benton99525
Humphreys96533
Kemper95728
Franklin83623
Quitman80716
Choctaw76318
Wilkinson67230
Jefferson65528
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 531404

Reported Deaths: 10985
CountyCasesDeaths
Jefferson765501522
Mobile41036805
Madison34789503
Tuscaloosa25788453
Montgomery24340589
Shelby23449249
Baldwin21154308
Lee15882171
Calhoun14511314
Morgan14306279
Etowah13843353
Marshall12232223
Houston10570281
Elmore10068205
Limestone9974151
Cullman9676194
St. Clair9661243
Lauderdale9427241
DeKalb8831186
Talladega8227176
Walker7241277
Autauga6926108
Jackson6814112
Blount6678137
Colbert6306134
Coffee5519119
Dale4838111
Russell441538
Chilton4296112
Franklin426082
Covington4129118
Tallapoosa4023152
Escambia393677
Chambers3573123
Dallas3551152
Clarke351161
Marion3122101
Pike310977
Lawrence300398
Winston274473
Bibb260964
Geneva250477
Marengo249564
Pickens234461
Barbour231057
Hale223077
Butler216069
Fayette212562
Henry188844
Cherokee185245
Randolph180542
Monroe177540
Washington167339
Macon159650
Clay156756
Crenshaw152557
Cleburne148941
Lamar142535
Lowndes138853
Wilcox127130
Bullock122841
Conecuh110529
Perry107726
Coosa107628
Sumter104732
Greene92534
Choctaw60724
Out of AL00
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Tupelo
Mostly Cloudy
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Hi: 71° Lo: 56°
Feels Like: 62°
Columbus
Cloudy
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Hi: 70° Lo: 58°
Feels Like: 62°
Oxford
Partly Cloudy
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Hi: 68° Lo: 53°
Feels Like: 59°
Starkville
Cloudy
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Hi: 69° Lo: 55°
Feels Like: 61°
A few showers linger early in the morning. But these should gradually push away from our area, leaving us mostly cloudy and cool through the midday and afternoon hours. Some clearing may occur later in the afternoon, leaving us mostly clear by Thursday morning.
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