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Wall Street drops as regulation worry sinks tech shares, Nasdaq falls 1.8%

The S&P once again fell below its 50-day moving average

Wall Street Slips

Reuters  |  New York 

US stocks dropped on Monday, with the S&P and Nasdaq suffering their worst day in just over five weeks, as concerns over increased regulation for large tech companies was spearheaded by a plunge in Facebook shares. Facebook shares tumbled 6.8 percent as Chief Executive Mark Zuckerberg faced calls from both US and European lawmakers to explain how a consultancy that worked on President Donald Trump's election campaign gained access to data on 50 million Facebook users. The stock had its worst day since March 2014 and was down 10.8 percent from its closing record hit on Feb. 1, ...

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First Published: Tue, March 20 2018. 02:52 IST