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Big Tech on Capitol Hill; Emerging markets fears; JD.com under pressure

1. Big Tech in Senate: Big Tech executives are coming to Capitol Hill on Wednesday to testi...

Posted: Sep 5, 2018 12:17 PM
Updated: Sep 5, 2018 12:17 PM

1. Big Tech in Senate: Big Tech executives are coming to Capitol Hill on Wednesday to testify about election meddling.

Facebook COO Sheryl Sandberg and Jack Dorsey, the CEO of Twitter, will appear before the Senate Intelligence Committee to discuss actions their companies have taken to thwart foreign influence campaigns targeting the 2018 midterm elections.

The committee requested that a high-profile executive from Google, which owns YouTube, also appear to testify. Google and its parent company Alphabet, however, declined to send one of their top people.

2. Emerging markets fears: Emerging markets currencies tumbled against the dollar on Wednesday, with the Mexican peso, South African rand, Indian rupee and Indonesian rupiah among the biggest losers.

Rising US interest rates, political clashes and the global trade war have in recent months exposed frailties in multiple emerging markets. Turkey and Argentina have been hardest hit, but investors are now worried about contagion.

Adding to fears, a Markit index that measures emerging markets manufacturing fell to a fresh 14-month low in August.

Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

3. Global stocks overview: US stock futures were pointing lower.

European markets opened down, with exchanges in London, Frankfurt and Paris all dropping roughly 0.5%. Asian markets also suffered losses following disappointing Chinese service sector data.

The Dow Jones industrial average shed 0.1% on Tuesday, while the S&P 500 and Nasdaq dropped 0.2%.

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4. Stock market movers: Shares in JD.com declined 5% in premarket trading. Minnesota police said Tuesday that Richard Liu, the billionaire founder of the Chinese tech company, was arrested last week following a rape allegation.

Liu, who denies any wrongdoing, was released Saturday without charge and without having to post bail. He has since returned to China.

5. Earnings and economics: Duluth Trading Co and Vera Bradley will release earnings before the open. DocuSign will follow after the close.

Amazon's total market value passed $1 trillion on Tuesday. The company became the second to pass that milestone, following Apple's ascent into 13-digit territory at the beginning of August.

Amazon and Apple now make up more than 8% of the entire value of the S&P 500, according to Howard Silverblatt, senior index analyst for S&P.

Theranos, the Silicon Valley startup whose founder faces fraud charges, is preparing to wind down its business. The Wall Street Journal reports that Theranos CEO David Taylor emailed shareholders to announce the blood-testing company will dissolve.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

6. Coming this week:
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

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 30900

Reported Deaths: 1111
CountyConfirmedDeaths
Hinds249840
DeSoto159416
Madison130034
Jones112449
Neshoba98871
Rankin93412
Harrison91211
Lauderdale90979
Forrest86942
Scott77115
Jackson62216
Copiah60215
Washington5849
Leake57819
Holmes55341
Lee54718
Wayne54513
Oktibbeha54126
Warren51518
Yazoo5096
Leflore48751
Grenada4835
Lowndes48313
Lincoln46034
Lamar4587
Pike43112
Monroe40130
Lafayette3914
Sunflower3727
Attala36023
Covington3565
Panola3506
Newton3399
Bolivar33414
Simpson3173
Adams31118
Pontotoc2866
Tate28310
Marion28111
Chickasaw27718
Claiborne27410
Noxubee2638
Jasper2626
Winston2616
Pearl River25432
Clay25010
Marshall2323
Smith21811
Clarke20724
Union2079
Coahoma2016
Walthall1995
Kemper17914
Lawrence1772
Yalobusha1707
Carroll16511
Humphreys1479
Tallahatchie1364
Itawamba1358
Montgomery1322
Calhoun1304
Tippah13011
Hancock12813
Webster12710
Jefferson Davis1114
Prentiss1083
Jefferson1073
Greene1058
Tunica1003
Wilkinson949
Amite912
George883
Tishomingo801
Quitman760
Choctaw744
Alcorn692
Perry664
Stone651
Franklin452
Sharkey370
Benton360
Issaquena91
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 44375

Reported Deaths: 984
CountyConfirmedDeaths
Jefferson5221152
Montgomery4127103
Mobile4080134
Tuscaloosa228842
Marshall171110
Madison14307
Lee138437
Shelby128423
Morgan11025
Walker93924
Elmore92514
Franklin89514
Dallas8809
Baldwin8649
Etowah73913
DeKalb7195
Butler63328
Chambers62927
Autauga60712
Tallapoosa59169
Russell5520
Unassigned50323
Houston4964
Limestone4950
Lauderdale4906
Lowndes47221
Cullman4524
Pike4295
Colbert3956
St. Clair3822
Coffee3772
Bullock36910
Covington3587
Calhoun3545
Escambia3506
Barbour3492
Hale31121
Talladega3097
Marengo30211
Wilcox2918
Dale2880
Sumter28512
Clarke2746
Jackson2732
Winston2583
Chilton2462
Blount2351
Monroe2352
Pickens2356
Marion22413
Conecuh2097
Randolph2069
Choctaw19512
Macon1949
Bibb1901
Greene1868
Perry1771
Henry1343
Crenshaw1253
Washington1097
Lawrence1080
Cherokee977
Geneva800
Lamar771
Fayette701
Clay652
Coosa581
Cleburne361
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