Tech Selloff Resumes as Facebook Can't Escape Dark Cloud

(Bloomberg) -- The morning after Facebook Inc. Chief Executive Mark Zuckerberg acknowledged the social network’s mishandling of user data, technology stocks are feeling the wrath.

Facebook helped pace the group lower, falling as much as 2.5 percent before paring losses, amid broad weakness in U.S. equities. This week’s selloff in tech stocks is on pace to be the worst since early February. Other notable decliners Thursday included Accenture Plc and Micron Technology Inc., which reports fiscal second-quarter earnings after the close of trading.

The uncertainty is likely to permeate throughout the morning, as President Donald Trump is set to announce about $50 billion of tariffs against China over intellectual property violations, according to a person familiar with the matter. Trump plans to sign a memorandum "targeting China’s economic aggression" at 12:30 p.m. Companies that have manufacturing operations in China, such as Apple Inc. and Intel Corp., could be vulnerable to retaliation if China decides to hit back.

©2018 Bloomberg L.P.