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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: 154411

Reported Deaths: 3836
CountyCasesDeaths
DeSoto10409104
Hinds10279202
Harrison7313112
Jackson6566128
Rankin5887106
Lee529496
Madison5014107
Forrest389786
Jones369088
Lauderdale3594147
Lafayette338253
Washington3246108
Lamar297850
Oktibbeha252362
Lowndes247064
Bolivar244384
Panola232653
Neshoba2249121
Marshall222851
Leflore208591
Monroe206778
Pontotoc204231
Lincoln197366
Sunflower192655
Warren180258
Tate177751
Union171926
Copiah167940
Pike165359
Yazoo160140
Scott159430
Itawamba157635
Alcorn155628
Pearl River155368
Coahoma152743
Simpson152653
Prentiss151331
Adams144752
Grenada143345
Leake139744
Holmes133461
Covington128639
Tippah128430
George128325
Winston125526
Hancock124341
Wayne121323
Marion119446
Attala119334
Tishomingo112443
Chickasaw109432
Newton108229
Tallahatchie98127
Clay94727
Clarke93653
Jasper85223
Stone80615
Calhoun78713
Walthall77629
Montgomery76926
Carroll74115
Lawrence73814
Smith73216
Yalobusha73128
Noxubee72717
Perry68326
Tunica62619
Greene61522
Jefferson Davis59017
Claiborne58916
Amite56615
Humphreys54719
Benton50018
Quitman5007
Webster46714
Kemper45018
Wilkinson40522
Jefferson37112
Choctaw3617
Franklin3555
Sharkey32417
Issaquena1204
Unassigned00

Alabama Coronavirus Cases

Cases: 252900

Reported Deaths: 3638
CountyCasesDeaths
Jefferson33526501
Mobile20103365
Madison13723151
Tuscaloosa13366154
Montgomery12552236
Shelby1079677
Baldwin9051137
Lee787266
Morgan696451
Calhoun6598121
Etowah656167
Marshall647357
Houston541038
DeKalb498137
Cullman462443
St. Clair441956
Limestone440445
Lauderdale426754
Elmore421164
Walker3735111
Talladega370157
Jackson340423
Colbert332042
Blount306140
Autauga281842
Franklin257434
Coffee250015
Dale239054
Dallas231532
Chilton228939
Russell22663
Covington225034
Escambia202331
Tallapoosa187291
Chambers182750
Pike161514
Clarke161019
Marion144736
Winston137523
Lawrence133436
Pickens126518
Geneva12508
Marengo123424
Bibb120418
Barbour118911
Butler118642
Randolph105522
Cherokee105124
Hale98131
Fayette94616
Washington93219
Clay92824
Henry8896
Monroe83011
Lowndes80929
Cleburne78814
Macon75522
Crenshaw72230
Bullock70119
Lamar7018
Conecuh70014
Perry6916
Wilcox64818
Sumter58622
Greene43518
Choctaw43114
Coosa3664
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