Facebook’s Chief Operating Officer Sheryl Sandberg and Twitter’s Chief Executive Officer Jack Dorsey testified in Washington this past week. The topics included foreign meddling in U.S. elections, the spread of disinformation, privacy and censorship.
Sheryl Sandberg told the Senate Intelligence Committee her company was "now blocking millions of attempts to register false accounts each and every day" and was "making progress on fake news." Jack Dorsey said that his company had intensified its efforts to eliminate phony accounts to prevent "hostile foreign influence." Google had nothing to say because they weren’t there. As a result of Wall Street fearing regulation, social media companies were under pressure this past week.
Also making headline were the semiconductor stocks. Chip equipment maker KLA-Tencor lowered its outlook for Q4. The CEO said September is still a “drought” in terms of memory-chip shipments and that a recovery might not be as strong as expected. KLA-Tencor Corp fell 9% on Friday, dragging down other semiconductor stocks as much as 5-10%.
Overall the Nasdaq had three straight losing days at one point and was down 2.5% for the week. However, the Nasdaq is still in one hell of an uptrend, but approaching the weekly demand zone at 7350.
The chart suggest price will bounce off the weekly demand and potentially challenge the all time highs.