INSUBCONTINENT EXCLUSIVE:
NEW YORK: The Nasdaq sank more than 1per cent on Wednesday, with social media companies leading technology stocks lower as Twitter and
Facebook executives faced US Congress over what lawmakers see as a failure to combat foreign efforts to influence US politics.
The broader
market was also weighed by a drop in energy stocks as oil prices weakened and fears over the likelihood of the United States slapping new
tariffs on Chinese goods as early as this week.
Twitter dropped 5.4per cent and Facebook fell 1.8per cent as their top executives faced
Alphabet, whose offer to send its chief legal officer to Congress rather than its chief executive officer was declined, slid 2.6per cent
technology sector tumbled 1.81per cent, the most among the 11 SP sectors
concerns over trade simmering, Commerce Department data showed that the US trade deficit hit a five-month high in July, suggesting the Trump
The data comes as consultations on a US proposal to impose tariffs on $200 billion more in Chinese imports ends on Sept
6, with Trump ready to impose these tariffs after that, according to Bloomberg.
