Tech sell-off; Emerging market pain; US tariffs loom

1. Tech trouble: Shares in tech companies tumbled on Wednesday as investors worried about i...

Posted: Sep 6, 2018 12:10 PM
Updated: Sep 6, 2018 12:10 PM

1. Tech trouble: Shares in tech companies tumbled on Wednesday as investors worried about increased scrutiny of the industry and potential new regulations.

The main source of consternation was a hearing on Capitol Hill, where Jack Dorsey of Twitter and Sheryl Sandberg of Facebook testified on their efforts to combat foreign influence in elections.

Shares in Twitter dropped 6%, and Facebook shed 2.3%. Google owner Alphabet dropped 1%. The tech-heavy Nasdaq ended the trading session down 1.2%.

JD.com, a Chinese tech firm listed in New York, dropped 10% following rape accusations against its founder and CEO Richard Liu. He has denied the allegations.

2. Emerging market turmoil: Chinese stocks are in a bear market. Turkey's currency has collapsed. South Africa has stumbled into a recession. But will the pain spread further?

Investors have focused their attention on a slide in emerging markets stocks that has pushed the the iShares MSCI Emerging Markets ETF near a 14-month low. The ETF has now lost over 11% in 2018.

Copper, another closely-watched barometer of economic strength, has lost one-fifth of its value since early June.

The storm rocking emerging markets has its origins in Washington. Vulnerable currencies plunged as the US Federal Reserve steadily raised interest rates. And President Donald Trump's trade crackdown added gasoline to the fire.

Investors worry that the pain could spread, infecting other emerging markets or even Wall Street. That's what happened two decades ago during the Asian financial crisis.

3. US tariffs looming: The public comment period on the latest round of US tariffs on China concludes Thursday, meaning the United States could impose tariffs on around $200 billion of Chinese goods as early as Friday.

That would amount to roughly half of all Chinese imports entering the country. 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.

4. Global market overview: US stock futures were edging lower.

Major markets in Europe and Asia were down. The Dow Jones industrial average closed 0.1% higher on Wednesday, while the S&P 500 was down 0.3%.

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5. Earnings and economics: Barnes & Noble and Lands' End will release earnings before the open. Broadcom and GameStop will follow after the close.

A new Nike commercial featuring Colin Kaepernick will air during Thursday night's NFL opener between the Atlanta Falcons and the Philadelphia Eagles. The controversial campaign has sparked product boycotts and put the company's stock under pressure.

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6. Coming this week:
Thursday — Barnes & Noble, Broadcom and GameStop earnings; NFL regular season begins
Friday — Jobs report

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 314710

Reported Deaths: 7254
CountyCasesDeaths
DeSoto21646260
Hinds20369416
Harrison17949309
Rankin13643278
Jackson13450246
Madison10113217
Lee9986174
Jones8384163
Forrest7689152
Lauderdale7198240
Lowndes6403148
Lamar623686
Lafayette6203119
Washington5341134
Bolivar4802132
Oktibbeha462998
Panola4596107
Pearl River4519146
Marshall4450103
Warren4393121
Pontotoc420872
Monroe4115133
Union411176
Neshoba4031176
Lincoln3969110
Hancock379586
Leflore3498125
Sunflower336290
Tate334784
Pike3327105
Scott316274
Alcorn313368
Yazoo311770
Itawamba300577
Copiah297465
Coahoma295579
Simpson295388
Tippah288768
Adams286982
Prentiss280060
Marion269380
Leake268473
Wayne262841
Grenada261587
Covington259881
George248148
Newton246862
Winston227581
Tishomingo227067
Jasper221148
Attala214473
Chickasaw208057
Holmes189174
Clay185554
Stone182833
Tallahatchie178941
Clarke178080
Calhoun170932
Yalobusha164638
Smith162534
Walthall134245
Greene130633
Lawrence128724
Montgomery127142
Noxubee126734
Perry126338
Amite123142
Carroll121829
Webster114532
Jefferson Davis107133
Tunica105726
Claiborne102430
Benton100025
Humphreys96733
Kemper95828
Franklin83923
Quitman81116
Choctaw76418
Wilkinson67531
Jefferson65728
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 540083

Reported Deaths: 11038
CountyCasesDeaths
Jefferson798481529
Mobile41283809
Madison35157506
Tuscaloosa25925455
Shelby25302249
Montgomery24723593
Baldwin21411310
Lee15993172
Calhoun14574319
Morgan14425280
Etowah13925353
Marshall12280225
Houston10648282
Elmore10158206
Limestone10070151
St. Clair9948245
Cullman9768194
Lauderdale9460243
DeKalb8865188
Talladega8341176
Walker7261278
Autauga7005108
Jackson6840112
Blount6773139
Colbert6322135
Coffee5581118
Dale4877113
Russell445738
Chilton4373113
Franklin426382
Covington4138118
Tallapoosa4044153
Escambia394877
Chambers3596123
Dallas3569153
Clarke351561
Marion3140101
Pike312077
Lawrence303098
Winston275873
Bibb264764
Geneva254178
Marengo249865
Pickens234862
Barbour232056
Hale224078
Butler219169
Fayette212862
Henry189943
Cherokee184845
Randolph182542
Monroe178141
Washington167839
Macon161350
Clay157257
Crenshaw153557
Cleburne149641
Lamar143336
Lowndes140653
Wilcox127430
Bullock123242
Conecuh110829
Coosa109228
Perry107826
Sumter105032
Greene92634
Choctaw61024
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