Wall St slides as Facebook data issue pounds tech sector

Marco Green
March 20, 2018

Industrials fell 0.83 percent ahead of the Group of 20 finance ministers' meeting, where Trump's tariffs plans are likely to dominate discussions.

The S&P 500 fell 40 points, or 1.5 percent, to 2,710.

At 12:29 p.m. ET, the S&P 500 was down 1.44 percent to 2,712.36, having spent the session below its 50-day moving average. The Nasdaq came about 2 points from its 50-day before paring losses. The company is facing new criticism following reports that a data mining firm employed by the Trump campaign improperly kept data on tens of millions of users. The S&P's tech sector fell 2.9%.

The Federal Reserve's policy meeting, over Tuesday and Wednesday, is also in focus as investors brace for a near-certain interest rate hike this week.

Declining issues outnumbered advancing ones on the NYSE by a 3.71-to-1 ratio; on Nasdaq, a 2.68-to-1 ratio favored decliners.

That sparked concerns over the collection and use of data, especially related to individuals, at other tech companies and sent the Nasdaq Composite sliding 1.5 percent and the S&P technology index down 1.8 percent in their worst day since a sell-off in early February.

The world's financial leaders were seeking to clearly endorse free trade and renounce protectionism amid concern that USA tariffs on steel and aluminium and looming actions against China could trigger a trade war that would hurt global growth.

Technology shares fell 1.0 percent, while the materials group, which includes precious and base metals miners and fertilizer companies, also lost 1.0 percent.

Among the most active Canadian stocks by volume were Aurora Cannabis, down 1.4 percent to $10.80; Bombardier B, up 0.5 percent to $3.77 and Neovasc Inc, down 8.6 percent to $0.16.

Other reports by Click Lancashire

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