MID-DAY: Tech sector continues to rattle North American markets; Twitter stocks burned by social media backlash
Volatility is carrying over into North American markets today due to pressure from tech sectors. Wall Street is still struggling following losses on Wednesday down to 23,744. On Bay Street the TSX has dropped to 15,165.
The Tech Sector is on track for worst month since 2012 due to the possibility that policymakers will impose more regulations on social media platforms after the Facebook data leak. Twitter is in the red down 2.2 per cent 27.45 a share. Facebook is coming back from a 100 billion market loss. The stock is up 0.2 per cent following an announcement the company would give more security control to users.
Auto makers are also facing trouble as two fatal car crashes involving self-driving vehicles are under investigation in the US.
Oil prices are slipping again as traders found US crude companies are still pushing production despite a high stock. The price of crude is down to 64.59 a barrel.
Gold is down to 1,334 an ounce.
The Loonie is sliding to 77.47 cents US.