UK markets open in 3 hours 41 minutes

Morning Brief: Silicon Valley execs on Capitol Hill

Wednesday, September 5, 2018

Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe

What to watch today

On Wednesday, Silicon Valley goes to Washington, D.C. Jack Dorsey, CEO of Twitter (TWTR) and Square (SQ), and Sheryl Sandberg, COO of Facebook (FB), will both be on Capitol Hill Wednesday to face questions from lawmakers over the content and safety of their platforms. Earlier this year, Facebook CEO Mark Zuckerberg spent two days on Capitol Hill discussing Facebook’s role in allowing foreign actors to present misinformation to users during the 2016 election. Dorsey and Sandberg will likely face similar questions about the ability of their platforms to ferret out propaganda and other coordinated campaigns.

Read More

Top news

(AP Photo/Ted S. Warren, File)

Amazon (briefly) joins Apple in the $1 trillion club: At about 11:42 a.m. ET Tuesday, Amazon (AMZN) became the second U.S.-listed company to be worth $1,000,000,000,000. The stock fell back below the threshold and ended Tuesday up 1.33% at $2,039 per share. [Yahoo Finance]

Blood-testing firm Theranos to dissolve: Theranos Inc., the blood-testing company accused of perpetrating Silicon Valley’s biggest fraud, will formally dissolve, according to an email to shareholders. Theranos will seek to pay unsecured creditors its remaining cash in coming months. [The Wall Street Journal]

Tesla hits 3-month low: Between a volatile chief executive, relentless attacks from short sellers and a fast evolving competitive landscape, the pressure on the electric-car maker’s shares was compounded on Tuesday by not-so-flattering reports from two large Wall Street firms and Mercedes-Benz’s unveiling of a high-end electric car. Tesla (TSLA) shares closed down 4.2% on Tuesday to $288.95, the lowest price since May 31. [Bloomberg]

Fidelity’s zero-fee index funds attracts $1 billion: Just a month after announcing it would become the first financial company to offer no-fee index mutual funds, Fidelity has attracted roughly $1 billion into the two portfolios. Fidelity’s zero-fee funds covering the U.S. and international stock market have no management fee. [CNBC]

Toyota plans to recall 1 million hybrid modelsToyota Motor Corp. (TM) said on Wednesday it planned to recall around 1.03 million vehicles, including its gasoline-hybrid Prius model, in Japan, North America, Europe and other regions due to an issue with the engine wire harness which can pose a fire risk. [Reuters]

For more of the latest news, go to Yahoo Finance

A pair of ruby slippers once worn by actress Judy Garland in the “The Wizard of Oz” are displayed at a news conference Tuesday, Sept. 4, 2018, at the FBI office in Brooklyn Center, Minn. Authorities announced that the slippers, stolen in 2005 from the Judy Garland Museum in Grand Rapids, Minn., were recovered in a sting operation. (Richard Tsong-Taatarii/Star Tribune via AP)

Yahoo Finance Originals

The gaping hole in Trump’s economic boom

US businesses oppose Trump’s tariffs, warn of price hikes

Wall St. CEO: We must act with a ‘sense of urgency’ during times like this

Nike’s Colin Kaepernick campaign has more reward than risk

Trucking CEO: Self-driving tech will actually ‘make truck-driving fun again’

The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.