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.

Confirmed Cases: 14372

Reported Deaths: 693
CountyConfirmedDeaths
Hinds92024
Lauderdale69957
Madison68721
Scott62310
Neshoba56534
Jones52519
Forrest51137
DeSoto4936
Leake39512
Rankin3736
Holmes37324
Jackson30013
Copiah2854
Attala27715
Monroe25324
Leflore25030
Lincoln25022
Newton2504
Harrison2457
Lamar2275
Yazoo2233
Pearl River20731
Pike20211
Adams19015
Lowndes1828
Noxubee1696
Washington1636
Warren1587
Oktibbeha15010
Bolivar14911
Wayne1480
Jasper1483
Covington1411
Clarke13517
Smith13311
Kemper13110
Chickasaw12812
Lafayette1254
Lee1175
Carroll11410
Coahoma1133
Marion1129
Winston1051
Clay1043
Lawrence991
Simpson930
Hancock8711
Yalobusha855
Wilkinson859
Itawamba857
Grenada823
Montgomery811
Sunflower783
Union785
Marshall763
Jefferson Davis752
Tippah7111
Tate691
Panola643
Claiborne642
Calhoun614
Webster591
Amite561
Humphreys537
Tunica523
Walthall510
Perry492
Prentiss413
Jefferson400
Choctaw352
Stone300
Pontotoc283
Franklin272
Tishomingo260
Quitman250
Tallahatchie251
George201
Benton140
Alcorn141
Greene111
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 16310

Reported Deaths: 590
CountyConfirmedDeaths
Mobile2085112
Jefferson167397
Montgomery144634
Marshall6609
Tuscaloosa63212
Lee52632
Franklin4986
Shelby47019
Tallapoosa41063
Butler39113
Chambers34024
Madison3154
Elmore3007
Baldwin2829
Walker2821
DeKalb2403
Etowah24011
Dallas2323
Coffee2191
Lowndes21610
Morgan2111
Sumter2106
Autauga1923
Houston1854
Bullock1763
Pike1730
Colbert1612
Calhoun1523
Marengo1506
Choctaw1487
Russell1480
Lauderdale1452
Hale1416
Wilcox1327
Barbour1301
Clarke1282
Randolph1247
Marion11711
St. Clair1081
Pickens964
Dale960
Talladega963
Chilton931
Greene914
Cullman880
Limestone860
Winston770
Covington751
Jackson742
Bibb711
Henry702
Macon672
Crenshaw662
Washington656
Blount531
Escambia483
Lawrence460
Geneva400
Perry360
Conecuh351
Coosa341
Monroe342
Cherokee332
Clay272
Lamar210
Cleburne131
Fayette130
Unassigned00
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