Facebook faces grilling from Washington
Facebook's executives could be forgiven for thinking that this week was bad enough, what with Donald Trump attacking them on Twitter and Jay Powell pouring cold water on their cryptocurrency ambitions. But the Silicon Valley panopticon will get even more attention from Washington this week.
Driving the news: An antitrust hearing on Tuesday will feature executives from Apple, Amazon and Google as well as Facebook.
- David Marcus, the head of Libra, will appear before the Senate on the same day, followed by a House hearing on Wednesday.
Of note: Earnings season starts tomorrow with the big banks. Netflix releases quarterly results on Wednesday, with UnitedHealth and Chewy following on Thursday.
- Amazon’s Prime Day, which will span 2 days this year, begins tomorrow.
China's second-quarter GDP report is also out tomorrow. Economists expect growth to come in at 6.2% — a slowdown from Q1’s 6.4%.
Go deeper: Don't bother worrying about Libra