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Tech Stocks Continue Slide As Hearings Continue

Alan Hartstein | 07 Sep 2018

Technology companies suffered another day of major falls on the Dow Jones and Nasdaq on Thursday, despite the broader market faring much better.

Leading the way down were the social media giants Facebook and Twitter, who are suffering ongoing fallout from their involvement with US election meddling and the Congressional hearings which weighed on their share prices on Wednesday.

Facebook shares fell a further 2.8 per cent and Twitter shares dropped 5.9 per cent. Shares of Snap Inc, Snapchat’s parent company, touched a new low, ending down 3.1 percent.

The US Justice Department announced on Wednesday that it was looking into concerns that social media platforms were “intentionally stifling the free exchange of ideas”.

Chipmakers also got hammered after executives from Micron Technology Inc and KLA-Tencor said fourth quarter earnings were likely to be weak, at a Citi technology conference.

Micron shares sank 9.9 per cent and were among the biggest drags on the Nasdaq and the S&P. KLA-Tencor shares tumbled 9.7 per cent.