MID-DAY: Facebook shares drop further as US policymakers announce probe into the social media giant
Facebook shares are dropping lower after the US Federal Reserve announced it is now probing Facebook’s practices following a user profile leak to Cambridge Analytica. Facebook shares have dropped by five per cent to 151.26 a share.
The Dow is up to 23,893 and across the border the TSX is also gaining, up to 15,282. This comes as trade war fears are cooling after the US offered tariff exemption to South Korea on a fair auto trade deal. Investors believe this could happen with China, which is facing $60 billion in tariffs from the US. However, experts say investors should tread carefully as the threat of a trade war is not completely off the table.
Gold is rallying again, after a slight drop this morning, up to 1,355 an ounce as investors continue to use the precious metal as a safe haven.
Oil is down slightly to 65.49 a barrel.
The Loonie is down to 77.42 cents US.