BEFORE THE BELL: Tech sector facing pressure as investors fear strict regulations for online businesses
On the last trading day for the first quarter the tech sector is not looking good. Amazon has dropped four per cent following reports the Trump administration is considering ways to regulate the online retailer. Amazon lost about 30 billion of its market value. Facebook stocks have continued a two-week slide as the company continues to face fallout over breach of trust issues.
While this weighted the markets yesterday, there has been a slight bounce back in Asian markets overnight. The Nikkei gained 0.6 per cent to close at 21.159. This was thanks, in part, due to food stocks with a major condiment maker reporting better than expected earnings.
Oil dropped about 1 per cent yesterday on reports US producers were pushing crude output more than necessary. However, the price was back up this morning and is currently holding steady at 64.38 a barrel.
The Loonie is slowly inching up this morning to 77.46 cents US.