TECH STOCKS SELL-OFF: Here's what you need to know
Akin Oyedele
Jillian D'Onfro
Tech stocks including Microsoft, Facebook, and Apple sold off on Tuesday, as the Nasdaq fell the most among the three main indexes. Alphabet fell 2.2% after EU antitrust regulators slapped the tech giant with a record-breaking fine.
Here's the scoreboard:
Dow: 21,310.66, -98.89, (-0.46%)
S&P 500: 2,419.38, -19.69, (-0.81%)
Nasdaq: 6,146.62, -100.53, (-1.61%)
US 10-year yield: 2.205% (+0.068)
The European Commission hit Google with a record-breaking €2.4 billion ($2.7 billion) fine in an antitrust case. It accused Google of abusing its dominant position and promoting its own shopping service in its search results over those of its competitors.
Federal Reserve Chair Janet Yellen said she did not believe there would be another financial crisis soon. "I do think we're much safer and I hope that it will not be in our lifetimes and I don't believe it will be," she said at an event in London.
"The stock market seems to be running pretty much on fumes," said John Williams, the San Francisco Fed president, in an interview on Sydney's ABC News affiliate. Williams said he did not believe that any of President Donald Trump's fiscal policies, hopes of which have propped up the market, will begin to affect the economy until 2018 or 2019.
Warren Buffett made a big investment in Store Capital Monday, which led to a downgrade from a Wall Street investment bank. "After today's +11% move, we think STOR is fairly valued and are downgrading the stock to Neutral," said Mizuho's Haendel St. Juste in a note.
Deutsche Bank could be staring down a $60 million loss after a bad bet on inflation, Bloomberg reported. The German lender's supervisory board is reportedly investigating whether traders flouted risk limits on derivatives trades tied to US inflation, generating concerns over the strength of the company's risk controls.
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