BEFORE THE BELL: Facebook shares continue slide over privacy concerns; Uber investor interest not affected by fatal self-driving vehicle test
Facebook shares continue to weigh down the tech sector this morning following major concerns over shared personal information. The shares dropped 6.75 per cent yesterday and another .5 per cent this morning. Facebook is accused of sharing user data with Cambridge Analytica. This is bleeding into other tech companies like Oracle, which saw shares drop 8.75 per cent over investor unease about cloud-based services.
Uber is not seeing a drop in investor interest despite a recent deadly incident. A self-driving vehicle being tested by the company hit and killed a pedestrian in Arizona, which has led to Uber pulling its self driving vehicles off the roads for now in Canada and the US. Investigators believe the company may not be responsible for the incident.
Analysts are 100 per cent sure the US Federal Reserve will be raising interest rates today, likely by .25 per cent. Traders will be paying close attention for any indication of more interest rate hikes to come.
Oil is up this morning to 62.74 a barrel.
Gold is down to 1,312 an ounce.
The Loonie is edging higher to 76.51 cents US.