Closing Bell
Markets were not able to maintain their early momentum and sold off heavily into the closing bell with the Dow Jones Industrial Average falling back into correction territory one session after it had its best day in years.
The Dow Jones Industrial Average fell 1.39%, or 337 points to 23,865, while the S&P 500 declined 1.68%, or 46 points to 2,613, and the Nasdaq dropped 2.9%, or 212 points to 7,011.
YouTube Wins Lawsuit Claiming Company Is Biased Against Conservatives
YouTube (GOOGL) won a lawsuit brought by conservative talk show host Dennis Prager claiming that the video sharing site is biased against conservative videos.
Prager brought the suit after YouTube started requiring age verification for the videos he placed on the website.
The judge ruled that YouTube wasn't a "state actor" that was subject to First Amendment rules.
"Defendants are private entities who created their own video-sharing social media website and make decisions about whether and how to regulate content that has been uploaded on that website," U.S. District Judge Lucy Koh ruled.
Hedge Fund Manager Says Tesla Has Just 4 Months to Live
Count Vilas Capital Managment Manager John Thompson as one of the non-believers in Tesla (TSLA) .
Thompson told MarketWatch that he believes Tesla will be bankrupt in four months unless the electric vehicle maker can do something drastic.
"Companies eventually have to make a profit, and I don't ever see that happening here. This is one of the worst income statements I've ever seen and between the story and the financials, the financials will win out in this case," Thompson said.
To be fair to Tesla, the biggest position in Vilas' $25 million fund is a short of Tesla.
Tesla shares were down 5.2% Tuesday afternoon.
Waymo Purchases 20,000 EVs From Jaguar Land Rover
Action Alerts PLUS portfolio holding Google (GOOGL) -owned self-driving vehicle offshoot Waymo has agreed to terms with Jaguar Land Rover to purchase a fleet of 20,000 Jaguar I-Pace all-electric SUVs.
The vehicles will be modified with radar, LiDar sensors and cameras so that they can operate within Waymo's self-driving fleet. Waymo plans to launch its ride-hailing service later this year.
"Its big, fast-charge battery means it can drive all day, which is perfect for our self-driving service," said John Krafcik, chief executive officer of Waymo.
The company is currently testing the service in different locations around the U.S. using Chrysler Pacifica hybrid minivans. Those vehicles will serve the company's purposes until the first Jaguars are delivered in 2020.
Microsoft to Crack Down on Trolling on XBox Network
Microsoft (MSFT) plans to begin enforcing a set of new rules governing its XBox gaming network starting in May.
The rules are aimed a curbing "offensive language."
"In the Code of Conduct section, we've clarified that use of offensive language and fraudulent activity is prohibited," Microsoft said in a statement.
The company also said that it does reserve the right to review content on users' hard drives in order to determine whether offensive material, such as nudity or violent images, are present.
Deutsche Bank Is Looking to Replace CEO John Cryan
Deutsche Bank (DB) , Germany's largest bank, has begun the process of interviewing current CEO John Cryan's replacement, according to multiple media reports.
Paul Achleitner, chairman of the board, has initiated the search to replace Cryan less than three years after he assumed the top position at the investment bank.
"We cannot cut costs short term without sacrificing revenue going forward," a senior executive told Reuters on condition of anonymity. "What we are working on is changing long-term processes. That's a real way to cut costs, but this takes time."
Home Prices Continue to Accelerate
U.S. home prices haven't peaked yet, rising another 6.2% in January, according to the S&P CoreLogic Case-Shiller National Home Price Index.
The index measures the price of a typical single-family home in major metropolitan areas around the country. January's gain was slightly lower than the 6.3% year over year growth reported in December.
Economists expect the pace of growth to continue to slow this year thanks to a new tax law that reduced the incentive for home ownership.
Credit Suisse Reveals 29% Gender Pay Gap in UK
Credit Suisse (CS) is the latest bank in the U.K. to reveal a stark difference in pay between the men and women who work for the bank.
Women are paid 29% less than men on a median hourly basis, according to data the bank plans to release Tuesday.
Women make up just 14% of managing directors globally, which is up from 11% two years ago. The bank has a goal of having around 18% female managing directors by 2021.
Zuckerberg Says 'No Thanks' to UK Parliament Summons
Facebook (FB) CEO Mark Zuckerberg declined a summons to appear before a UK parliamentary committee investigating how social media data is being used.
The committee wrote to Zuckerberg on March 20 after the news broke that a political consultancy firm accessed user data that they should not have access to.
Facebook previously told the committee that the consultancy did not have the data.
"They may have lots of data, but it will not be Facebook user data," said Facebook policy staffer Simon Milner on February 8. "It may be data about people who are on Facebook that they have gathered themselves, but it is not data that we have provided."
Uber's Self Driving Cars Suspended From Operating in Arizona
Arizona Governor Doug Ducey ordered Uber to suspend testing its self-driving vehicles in the state, less than a week after a crash involving one of its autonomous vehicles resulted in a fatality.
"Improving public safety has always been the emphasis of Arizona's approach to autonomous vehicle testing, and my expectation is that public safety is also the top priority for all who operate this technology in the state of Arizona," Ducey said in a letter to the company. "The incident that took place on March 18 is an unquestionable failure to comply with this expectation."
Last week Uber temporarily suspended operations from Tempe, San Francisco, Pittsburgh and Toronto -- the other cities where it is testing.
Premarket
Markets were back on the right track this week, after a sharp decline to end the previous week, with all three major indices indicating a strong open Tuesday.
Dow futures were rising 0.57%, indicating an open 138 points higher, while Nasdaq futures were rising 0.94%, indicating an open 64 points higher, and S&P futures were up 0.55%, indicating an open 15 points higher.
World markets were also booming, especially in Europe where the CAC 40 was the low man, gaining 1.42% with about 4 hours left in trading. The DAX was rising 1.86% and the FTSE 100 was up 1.93%.
In Asia, the Nikkei jumped 2.65% while the Hang Seng rose 0.8% and the Shanghai Composite gained 1.05%.
