Markets Close Down as Facebook Drags Tech Stocks Lower

Financial Markets Wall Street
AP

U.S. stocks pulled back on Monday as a decline in Facebook pressured the technology sector. Wall Street also paid attention to Washington after a Twitter meltdown from President Donald Trump, CNBC reported.

The Nasdaq composite dropped 1.8 percent as Facebook dropped 6.8 percent. The Dow Jones industrial average fell 335 points, with Caterpillar as the worst-performing stock in the index. The S&P 500 declined 1.4 percent, with tech dropping 2.1 percent. Facebook was the worst-performing stock in the S&P 500.

Facebook fell after reports said political analytics firm Cambridge Analytica was able to collect data on 50 million people's profiles without their consent. Cambridge Analytica worked on Facebook ads with President Donald Trump's campaign in 2016.

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