Stocks fell today on news that the U.S. government is assuming greater oversight of some big tech companies. The Nasdaq dropped 1.6% to enter correction territory, and the S&P 500 fell 0.28%.
"The whole component of what's going on in tech right now goes back to the rhetoric of Sen. Elizabeth Warren threatening to break up tech giants," said Jeff Kilburg, CEO of KKM Financial. "We thought that was just rhetoric. But now with this news hitting, it's really impactful."
"With the trade stuff going on, [big tech] has been a bit of a hiding place," said Christian Fromhertz, CEO of The Tribeca Trade Group. "You just can't hide right now." Chinese Vice Commerce Minister Wang Shouwen said in a white paper Sunday that Washington would not be able to use pressure to force a trade deal on Beijing. He also refused to say whether the leaders of both countries would meet at the G-20 summit to work out an agreement later this month.The remarks from Wang follow a month of heightened trade tensions between the world's largest economies. The U.S. hiked tariffs on $200 billion worth of Chinese goods in May.
"There just aren't a lot of things out there to drive the market so this issue continues to be the pivotal point," Frederick said.
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