The Nasdaq Composite dropped 1.5% to enter correction territory, trading more than 10% below its record high set in late April.
The U.S.government is setting its sights on big tech because of antitrust concerns. Shares of Alphabet, Amazon, Facebook and Apple all dropped on the fear.
Alphabet shares pulled back 6.9% after reports said the Justice Department is preparing to launch an antitrust probe on Google. Meanwhile, Facebook dropped 8.4% after The Wall Street Journal reported the Federal Trade Commission would be able to look into Facebook’s practices and how they impact digital competition. Amazon shares fell 4.8% after The Washington Post said an arrangement between the Federal Trade Commission and the Justice Department put the e-commerce giant under the FTC’s microscope. Apple also slipped 1.2% after Reuters reported the Justice Department received jurisdiction to investigate the company’s practices.
Just when everyone thought the tech giants are a good hiding place it turned out that right now no one can hide there.
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