All three major U.S. averages closed Monday's session in the red as the tech selloff felled the big three.
The Dow Jones Industrial Average fell 0.57%, or 144 points to 25,307, while the S&P 500 fell 0.58%, or 16 points to 2,803, and the Nasdaq dropped 1.39%, or 107 points to 7,630.
CBS Corp Unable to Pull Out of Tailspin
Shares of CBS (CBS) are down 5% Monday afternoon as the company continues to deal with the fallout from a New Yorker piece on Friday detailing multiple allegations of sexual harassment against network head Les Moonves.
News that the network's board was suspending Moonves was first reported by USA Today Monday, but that news organization has since corrected itself, saying that no decision has yet been made.
On Friday, CBS' independent board said that "All allegations of personal misconduct are to be taken seriously," and that it will be investigating the allegations.
American Express Reportedly Raised Small Business Rates Without Telling Anybody
American Express (AXP) shares are down 2.5% Monday following a report in the Wall Street Journal saying that the company recruited small businesses clients with offers of low currency-conversion rates before increasing those rates without telling their clients.
Sources told the Journal that the improprieties were occurring until at least early this year and dates back to at least 2004.
American Express countered Monday's report by saying that it does not have contractual pricing arrangements with most of its forex customers.
"We have training, control and compliance oversight and believe that our transactions are completed and reported in a fair and transparent manner at the rates which the client has authorized," spokeswoman Marina Norville told the Journal.
Increased Average Sale Price Is Offsetting Fall in iPhone Sales, UBS Says
Apple Inc. (AAPL) will be under the microscope once the tech company releases its quarterly earnings report after the closing bell Tuesday, but analysts at UBS warn that people should take the company's iPhone sales with a grain of salt.
Analysts at the firm argue that any decline in iPhone sales, the company's bread and butter product, will be offset by the proportion of people willing to pay the premium price for the company's premium tier products.
The firm cites a survey from consumer intelligence firm CIRP that showed that 26% of Apple consumers paid more than $900 for their phones in March this year. That number is more than quintuple the 5% that paid that much for their phones last year.
Nokia Wins $3.5 Billion Order from T-Mobile to Build 5G Network
Nokia has won a $3.5 billion contract from T-Mobile (TMUS) to build out the mobile carriers 5G network in the U.S.
The deal is one of the largest contracts T-Mobile has ever given out, as the country's third largest carrier prepares to debut the next-generation service in New York, Los Angeles, Dallas and Las Vegas early next year.
"It's our largest 5G deal to date, and in fact, one of the largest deals Nokia's ever signed," Phil Twist, vice president for marketing at Nokia's Mobile Networks unit, told Bloomberg. "This underlines and makes concrete that 5G is coming to the market."
Tech Leaders Are Meeting With President to Discuss Privacy
The tech sector has already been in contact with the administrations, with the National Telecommunications and Information Administration estimating a total of 22 meetings with more than 80 companies having been held over the last month.
"Through the White House National Economic Council, the Trump Administration aims to craft a consumer privacy protection policy that is the appropriate balance between privacy and prosperity," Lindsay Walters, the president's deputy press secretary, told the Washington Post. "We look forward to working with Congress on a legislative solution consistent with our overarching policy."
Tariffs Force BMW to Raise Prices on U.S.-Made Vehicles in China
German automaker BMW is raising the price of American-made vehicles in China in response to new Chinese tariffs on U.S. imports.
BMW will raise prices between 4% and 7% on BMW vehicles sold in China, the world's largest auto market, and made in the U.S.
China is also BMW's largest market. The company sells more vehicles in China than it does in the U.S. and Germany combined.
Earlier this month, China imposed a new set of tariffs on U.S. imports in response to the U.S. doing the same on $34 billion in Chinese imports.
Wall Street will once again have to strike a delicate balance between the earnings reports set to come out this week and political rhetoric coming out of Washington after the President intimated that he would push for a government shutdown if his border wall is not funded by Congress.
Dow futures were able to break out into positive territory, rising 0.11%, indicating an open 28 points higher, while S&P futures fell 0.06%, indicating an open 2 points lower, and Nasdaq futures declined 0.26%, indicating an open 19 points lower.
World markets were also declining Monday, with the Nikkei leading Asian market losses, falling 0.74%, while the Hang Seng declined 0.25% and the Shanghai Composite fell 0.16%.
In Europe, the FTSE 100 was holding on to a slim gain of 0.06%, while the DAX and CAC 40 both fell about 0.2% with about four hours left in trading.