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Big Tech heads to Washington

1. Big Tech heads to Washington: Top brass from Twitter a...

Posted: Sep 3, 2018 11:31 AM
Updated: Sep 3, 2018 11:31 AM

1. Big Tech heads to Washington: Top brass from Twitter and Facebook will face off with members of Congress Wednesday.

Twitter chief Jack Dorsey and Facebook Chief Operating Officer Sheryl Sandberg will appear before the Senate Intelligence Committee at 9:30 am ET on Wednesday. The topic is foreign actors' use of social networks to influence American elections.

The hearing promises to be newsworthy and will again raise questions about regulation, but investors are not expecting any shocks.

"Investors have become more immune to this news" since Facebook endured a public beating over the Cambridge Analytica scandal, said GBH Insights analyst Daniel Ives. "I think investors are expecting the companies to continue to reiterate their messages and communications from the last few months. This is not a new issue."

Lawmakers will be seeking answers about what the companies are doing to respond to criticism of fake news, state-sponsored misinformation, bias and harassment on their platforms.

The hearing comes as tech giants have been heavily scrutinized for letting Russian trolls spread misinformation to influence US elections. Some Republicans, including the president, have also accused social media platforms of harboring a liberal bias and attempting to silence conservative voices.

Google was also asked to appear but has yet to publicly say that its CEO will attend.

Michael Pachter, the managing director of equity research at Wedbush, said he doesn't expect Google stock to face any pressure if the company doesn't show up. But he added that he believes "investors expect their CEOs to have respect for their institutions."

Separately on Wednesday, Dorsey will appear before the House Energy and Commerce Committee at 1:30 pm ET to face questions about the conservative claim that Twitter is silencing far-right voices on its platform.

Republican chairman Greg Walden said he wants "to better understand the decisions Twitter makes about content and the company's process to prevent mistakes and undue bias."

2. Next round of China tariffs could be very big: President Donald Trump is reportedly ready to move ahead with a plan to slam China with hefty tariffs on $200 billion worth of goods as soon as the public comment period ends on Thursday. 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, though the country is running out of goods to target. Even so, it's possible China could choose to fight back by devaluing its currency, which would make Chinese products more competitive around the globe.

3. Trillion dollar club: Amazon is nearing $1 trillion. On Friday the stock closed at $2012.71 per share for a market cap of $981.7 billion. It would become the second American company to cross $1 trillion in value. Apple crossed the $1 trillion threshold on August 2.

4. Jobs report: The US Labor Department will release its monthly employment data Friday. Investors are expecting another set of solid job gains and steady wage growth. The unemployment rate ticked down to 3.9% in July.

5. Kickoff: The NFL kicks off its 2018 season on Thursday with the Atlanta Falcons and Philadelphia Eagles in a primetime match-up on NBC. Disney, Fox, CBS, Comcast and Amazon have made substantial investments in NFL broadcasting rights, so investors will be attuned to this season's ratings. NFL ratings have struggled.

6. Back to work: Trading volume has been low. But with vacations coming to an end, the real test for the market might be when traders turn their full focus back on Wall Street. Markets could react more meaningfully to trade deals, interest rate decisions from the Fed and corporate earnings.

Coming this week:

Monday — US markets closed for Labor Day

Tuesday — Restoration Hardware earnings

Wednesday — DocuSign and Vera Bradley earnings; Twitter and Facebook executives testify before the Senate Intelligence Committee

Thursday — Barnes & Noble, Broadcom and GameStop earnings; NFL regular season begins

Friday — Jobs report

Correction: An earlier version of this article incorrectly reported the July unemployment rate.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 27900

Reported Deaths: 1082
CountyConfirmedDeaths
Hinds215239
DeSoto137316
Madison122234
Jones106949
Neshoba96069
Lauderdale88278
Rankin84112
Forrest81442
Scott75015
Harrison7448
Copiah56615
Leake54819
Jackson53316
Holmes52741
Wayne52112
Washington4969
Lee49316
Oktibbeha48624
Yazoo4736
Leflore47249
Lowndes45311
Warren44317
Lincoln43534
Lamar4197
Grenada3805
Monroe36729
Pike36712
Attala35223
Lafayette3524
Newton3289
Sunflower3066
Covington3025
Bolivar27713
Panola2706
Adams26718
Chickasaw25918
Tate2577
Jasper2506
Marion24811
Pontotoc2476
Noxubee2458
Pearl River24432
Winston2435
Clay24210
Claiborne23610
Simpson2303
Smith20611
Clarke20124
Marshall2013
Coahoma1866
Kemper17614
Union1759
Walthall1724
Yalobusha1617
Carroll16011
Lawrence1591
Itawamba1278
Calhoun1244
Humphreys1239
Tippah12311
Webster12310
Montgomery1222
Hancock12013
Jefferson Davis1064
Tallahatchie1043
Prentiss983
Greene927
Jefferson923
Wilkinson919
Tunica893
Amite822
George743
Choctaw714
Quitman680
Tishomingo681
Perry614
Alcorn561
Stone521
Franklin382
Benton270
Sharkey240
Issaquena71
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 38442

Reported Deaths: 947
CountyConfirmedDeaths
Jefferson4387142
Montgomery383999
Mobile3697134
Tuscaloosa204938
Marshall153710
Lee118937
Shelby108223
Madison10577
Morgan9813
Walker86723
Franklin85213
Dallas8198
Elmore81314
Baldwin6869
Etowah62513
Butler60427
DeKalb6025
Chambers58127
Tallapoosa56369
Autauga54511
Unassigned52025
Russell4840
Lowndes45820
Lauderdale4446
Houston4344
Limestone4090
Cullman4003
Pike3995
Colbert3685
Bullock3629
Coffee3532
Barbour3231
Covington3087
St. Clair3042
Hale29321
Marengo28611
Wilcox2808
Sumter27612
Calhoun2705
Talladega2677
Clarke2665
Escambia2636
Dale2440
Jackson2382
Winston2333
Blount2141
Chilton2112
Pickens2116
Marion20312
Monroe1972
Choctaw19212
Conecuh1804
Bibb1711
Macon1708
Randolph1709
Greene1667
Perry1451
Henry1303
Crenshaw1233
Lawrence1010
Washington1007
Cherokee747
Lamar711
Fayette671
Geneva670
Clay582
Coosa551
Cleburne291
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