A sharp decline in shares of Google, Amazon and Facebook punctuated an otherwise quiet day on Wall Street.
Google dropped as much as 6 percent in early trading on Monday, and Amazon fell about 3.5 percent, following reports that the tech giants are facing greater scrutiny from antitrust regulators in the Justice Department and Federal Trade Commission.
The Justice Department is exploring an investigation of Google’s advertising and search business. In Amazon’s case, the F.T.C. is looking into whether the company’s e-commerce platform edges out new competition, though the scrutiny doesn’t mean official federal investigations have been opened.
Facebook whose data-privacy practices and potential role as a conduit of election meddling have already drawn the ire of lawmakers in Washington, may also be investigated by the F.T.C. Its shares fell more than 5 percent.
The declines on Monday helped drag the technology-heavy Nasdaq index more than 1 percent lower, while the broader S&P 500 index was about half a percent lower.
[Read more about Washington’s interest in Google and Amazon .]
Investors remain watchful of developments on the trade front, after stocks suffered their sharpest decline this year in May with a 6.6 percent drop. That nervousness lingered in the bond market Monday, with the yield on 10-year Treasury bonds falling, suggesting that investors increasingly believe trade tensions could hinder world economic growth.
[Things Were Going Great for Wall Street. Then the Trade War Heated Up.]
On Sunday, China issued a defiant note with a white paper blaming the United States for starting the trade war between the two countries, suggesting that breaking the impasse will be difficult. Two days earlier, the Chinese government threatened to put American companies and individuals on a blacklist if they stopped supplying their Chinese partners.
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