1 big thing: Tech's bleak Monday
The stock market, led south by tech companies and another anti-Amazon tweet from the president, had another bad day. This keeps happening.
Trump tweeted this morning: "Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!" [Backstory]
The big picture, via the NYT: "The Dow Jones industrial average dropped 1.9 percent, the Standard & Poor’s 500-stock index declined 2.2 percent and the Nasdaq composite slid 2.7 percent, with every firm listed in the Nasdaq 100 index below its previous close."
By the numbers in techworld:
- Facebook down 2.75%
- Amazon down 5.21%
- Netflix down 5.1%
- Google down 2.31%
- Microsoft down 3.1%
Be smart, via Axios' Dan Primack: "Markets shrugged off Trump tweets for most of 2017, because they expected tax cuts. This year it has nothing new to look forward to. Could be infrastructure, but no one really believes it's actually going to happen."
2. What you missed
- Trump's meetings: He'll welcome Japanese Prime Minister Shinzo Abe to the U.S. later this month, and has invited Vladimir Putin to the White House.
- Trump came to the defense of Sinclair Broadcast Group today by tweeting that it was "far superior" to NBC and CNN. See the viral video that prompted Trump's tweet.
- Winnie Mandela, the anti-apartheid activist who was married to Nelson Mandela for 38 years and was a symbol of resistance throughout his imprisonment, has died at 81.
- Apple could switch to homegrown processors for its Mac line by 2020, supplanting Intel, Bloomberg reported today. Ina Fried's thought bubble.
- Tesla stock fell 5% today, with bad news building up for the automaker. More.
- P.S. Mark Cuban told me at an Axios event today that it's more likely he mounts an independent White House bid in 2020 if the Democrats lose the midterms. Quote.