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Stocks Fall as Internet Giants Drop

S&P 500 suffered first losing month of 2019 in May
By Newser Editors and Wire Services
Posted Jun 3, 2019 3:18 PM CDT
Trader Michael Smyth, left, and specialist Christopher Riggs work on the floor of the New York Stock Exchange, Thursday, May 30, 2019. Stocks are edging higher in early trading on Wall Street following...   (AP Photo/Richard Drew)

(Newser) – Major US stock indexes were closing mostly lower Monday as a sell-off in some big technology and internet companies weighed down the market, the AP reports. Facebook plunged 7.5% following a Wall Street Journal report that the Federal Trade Commission will lead any antitrust investigation into the company as part of an arrangement that would give the Justice Department oversight of Google. Alphabet fell 6.1%. The issue of trade still looms over the market. Bank of America Merrill Lynch lowered its earnings estimates for companies in the S&P 500, citing trade tensions. The S&P 500 suffered its first losing month of 2019 in May as investors worried about the potential impact of multiple US trade disputes. As of Monday, the index was down 6.9% from its April 30 record. The S&P 500 dropped 7 points, or 0.3%, to 2,744. The Dow edged up 4 points to 24,819 and the Nasdaq lost 120 points, or 1.6%, to 7,333. (Read more stock market stories.)

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