The EU opened a formal antitrust investigation into Amazon on Wednesday centered on how the e-commerce giant uses merchants' data.Technologyread more
Investors are keen to find out how looming interest rate cuts will impact the second biggest U.S. lender by assets.Financeread more
Turo is a peer-to-peer car-sharing firm that is often referred to as the Airbnb for cars.Technologyread more
Mortgage interest rates surged last week to their highest level in a month, and consequently homebuyers turned on their heels.Real Estateread more
One semiconductor stock has soared above the rest since spring, and one of its biggest cheerleaders sees a larger breakout ahead.Trading Nationread more
U.S. officials see the deal as a threat to NATO, for which Turkey provides the second-largest military.World Politicsread more
Google's services have been blocked in China for several years, but the company still has a business there, as the tech giant seeks to sell products to Chinese firms in...Technologyread more
China may have signaled it's going more hard-line on trade, but it could be a good thing, former U.S. negotiator Clete Willems told CNBC.World Economyread more
Support for U.S. President Donald Trump increased slightly among Republicans after he lashed out on Twitter over the weekend in a racially charged attack on four minority...Politicsread more
A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new...Real Estateread more
While the vote served as a show of solidarity for Democrats, it recommended no substantive penalty against Trump.Politicsread more
The market's freshest technology stocks tumbled on Monday, performing worse than the major indexes and trailing the broader tech sector.
Zoom, the video-chat company that debuted with a 72% pop in April, closed down 11% at $89.41. The plunge shaved $2.8 billion from its market cap, which now sits at $22.9 billion. Beyond Meat, the top-performing IPO of 2019, fell 8.5% Monday, dropping its market cap by $700 million to $8.2 billion. At $140.99, the stock is still up more than fivefold from its IPO price of $25.
Emerging tech companies have been some of this year's best performers, but they now trade at revenue and earnings multiples that are significantly higher than their peers. That leaves them vulnerable to bigger drops on days when investors express concerns about the economy. The tech-heavy Nasdaq Composite Index fell just 0.3% on Monday, and the slipped 0.2%.
Other recent tech IPOs also had rough days on Monday. PagerDuty, which provides tools for developers, dropped 7.7%, and security software vendor CrowdStrike lost 5.9%. Another enterprise company, Fastly, fell 3.9%, while social media platform Pinterest slid 3.9%. Ride-sharing rivals Lyft and Uber fell 0.8% and 2.1%, respectively.
Even the newest tech stock on the New York Stock Exchange, Slack, fell 3.9% Monday to $35.76. Slack began trading on Thursday in a direct listing. The share price is still well above the $26 reference price set by the NYSE ahead of its debut.
Fiverr, a platform that connects employers to freelance workers, was a rare bright spot among the tech IPO class, rising 5.3% Monday.