NEW YORK: Wall Street stocks fell early Wednesday following data showing a jump in the US trade deficit as social media companies retreated ahead of tough questioning by Congress.
About 10 minutes into trading, the Dow Jones Industrial Average had lost less than 0.1 percent to 25,943.65.
The broad-based S&P 500 was down 0.2 percent to 2,891.47, while the tech-rich Nasdaq Composite Index dropped 0.4 percent to 7,588.48.
The US trade deficit surged to $50.1 billion in July, the second straight month with an increase, on record imports and as the deficits with China and the European Union hit all-time highs.
A higher trade deficit will dent third-quarter US growth and also could inflame US trade relations with key partners as President Donald Trump’s administration confronts Canada, China and others.
Facebook lost 0.6 percent and Twitter fell 2.3 percent as executives from the two social media companies appeared on Capitol Hill for a hearing on steps taken to address election meddling on the platforms.
Source: Brecorder
