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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: 293542

Reported Deaths: 6638
CountyCasesDeaths
DeSoto19560229
Hinds18674385
Harrison16512276
Rankin12595262
Jackson12451217
Lee9663160
Madison9400195
Jones7891145
Forrest7140136
Lauderdale6784225
Lowndes6008137
Lamar584480
Lafayette5707113
Washington5159128
Bolivar4594120
Oktibbeha439991
Panola426892
Pearl River4116128
Warren4114113
Pontotoc407368
Marshall399492
Monroe3980126
Union392873
Neshoba3767166
Lincoln3464100
Hancock339973
Leflore3358118
Sunflower317185
Tate300874
Pike298393
Scott292567
Alcorn290360
Itawamba288871
Yazoo283862
Tippah275665
Copiah274557
Coahoma272766
Simpson271778
Prentiss268658
Leake251770
Wayne251340
Marion250778
Covington247878
Grenada245876
Adams233277
George230645
Newton224751
Winston220275
Jasper211844
Tishomingo211765
Attala206269
Chickasaw200650
Holmes181670
Clay178149
Stone171429
Tallahatchie169839
Clarke168671
Calhoun156428
Smith151831
Yalobusha142936
Greene126833
Walthall123540
Noxubee122729
Perry121434
Montgomery121237
Lawrence119321
Carroll117623
Amite110832
Webster109929
Jefferson Davis100531
Tunica98623
Claiborne97729
Benton93124
Humphreys91626
Kemper89522
Quitman77014
Franklin75519
Choctaw69516
Wilkinson62226
Jefferson61427
Sharkey48817
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 491110

Reported Deaths: 9831
CountyCasesDeaths
Jefferson706291356
Mobile35894721
Madison32255442
Tuscaloosa23996409
Montgomery22462494
Shelby21820215
Baldwin19670274
Lee14900150
Morgan13599249
Calhoun13175285
Etowah13143319
Marshall11226206
Houston10048259
Elmore9337183
Limestone9335134
Cullman8869179
St. Clair8783220
Lauderdale8581210
DeKalb8429174
Talladega7481163
Walker6504251
Jackson6477102
Autauga620389
Blount6086125
Colbert5978118
Coffee5230102
Dale4621106
Russell401831
Franklin397876
Covington3956106
Chilton384298
Escambia377172
Tallapoosa3572141
Clarke342949
Dallas3397141
Chambers3392108
Pike293071
Lawrence281384
Marion280894
Winston246166
Bibb244260
Geneva238670
Marengo233354
Pickens223954
Barbour209951
Hale208868
Fayette199756
Butler195165
Henry182041
Cherokee176438
Monroe165938
Randolph163140
Washington156634
Crenshaw143554
Clay143354
Macon140943
Cleburne136839
Lamar131732
Lowndes130648
Wilcox120825
Bullock116336
Conecuh106523
Perry105327
Sumter98431
Coosa87823
Greene87032
Choctaw54823
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