The markets sold off aggressively today as more White House drama, along with a tech selloff pulled all the major indices lower. The Dow 30 was lower by 334, the S&P 500 sold off 39, and the Nasdaq 100 was the worst performer, losing 137 on the day. Wednesday is scheduled to be the first official rate hike since the new chairman, Jerome Powell took over. Investors expect the future projections to be the main catalyst of the event.
Facebook (NYSE: FB) shares fell 7% today as they were one of the dominant headlines today. Shares sold off on news of a data breach that may have affected the information of 50 million users. The information was stolen when users downloaded psychological testing app that then gained access to your profile information and that of your friends. This information was then shared without Facebook's consent to a data firm linked with then candidate Trump's campaign. Investors pushed shares lower on concerns of even more regulations for the social media giant.
Apple (NASDAQ: AAPL) sold off 1.53% today long with the other FANG stocks. It was reported that the company is working on developing their own screens for future iPhones instead of using outside suppliers. Apple has reportedly been testing these new screens and production in a secret location in California. Shares were lower today on concerns about how this would affect the company bottom line.
Macy's (NYSE: M) shares were higher by 1.5% today as the good news keeps coming for investors. The company says it will add mobile checkout to all of it's stores by the end of the year along with adding an augmented reality upgrade to it's shopping app so buyers can add furniture digitally to their home before buying it. The CEO made numerous comments about the need to adapt and move beyond it's "legacy model".