Tech Selloff Sinks Stocks Amid Stimulus Deadlock: Markets Wrap
- Facebook accused of abusing monopoly power by U.S., states
- DoorDash almost doubles IPO value with trading-debut jump
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A selloff in some of the world’s biggest technology companies weighed heavily on the equity market, dragging down stocks amid dimming prospects for fresh stimulus.
The S&P 500 slid from a record, while the Nasdaq 100 had its biggest slump in a month. Facebook Inc. sank after being sued by U.S. antitrust officials, while Tesla Inc. tumbled as JPMorgan Chase & Co. called it “dramatically” overvalued. Zoom Video Communications Inc., one of the biggest stay-at-home winners, plunged after an analyst downgrade. The Russell 2000 index of smaller companies was down half as much as the tech-heavy gauge. DoorDash Inc. defied the market weakness -- almost doubling in its debut -- before Airbnb Inc.’s initial public offering.