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Alphabet, Facebook, and Amazon plunge - dragging tech lower amid fresh regulatory concerns

Jun 3, 2019, 22:47 IST

Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington, Wednesday, April 11, 2018.AP Photo/Jose Luis Magana

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Technology stocks fell under intense pressure on Monday after Bloomberg and The Wall Street Journal reported plans of federal regulatory probes into Facebook and Google's parent company, Alphabet, slamming the sector.

Facebook plunged by as much as 9% to a three-month low and was the worst-performing name in the tech-heavy Nasdaq 100 index. Alphabet and Amazon tumbled 7% and 5%, respectively, and were also among the biggest losers in the index.

The Federal Trade Commission will oversee an antitrust probe into whether Facebook's practices hurt competition in the digital market, Bloomberg reported Monday afternoon, citing a person familiar with the matter.

Meanwhile, The Wall Street Journal reported late Friday, citing people familiar with the matter, that the Department of Justice was preparing an investigation of Alphabet's Google unit over antitrust concerns.

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This story is developing. Please check back for updates.

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