Health reform uncertainty, Google's record fine sends Wall St lower

Google's fine of 2.4 billion Euro ($2.7 bn) by the EU for violating anti-trust rules dampened market enthusiasm and large cap tech stock led the decliners.

Reversing gains technology shares were battered in today's trading leading the sector down 2.1% this month on the S&P 500 while Nasdaq dropped 1.61%.

The Dow Jones slipped -0.46% and the S&P 500 fell -0.81%. Among movers were Signet Jewelers up +4.56% and Darden Restaurants up 2.9%.

• Dow 21,310 -0.46%
• S&P 500 2,419 -0.81%
• Nasdaq 6,146 -1.61%
• Russell 2000 1,403 -0.93%
• NYSE Composite 11,7168 -0.36%
• Gold 1,247.10 0.06%
• Oil WTI $43.67 0.67%
• 10-Year Treasury 2.207% 0%

Google record fine

Google search button Source: Shutterstock.com

It took seven years of investigating by the European Commission as to whether Google was using its market dominance to favour its shopping service. At its conclusion, the Commission determined it had done and meted out a record $2.7 bn fine. 

Alphabet, Google parent, class A shares sunk -2.47% and its class C shares -2.62%. Nasdaq across the board decliners included Analog Devices -3.02% and biopharmaceutical, Incyte Corp falling -3.24%.

Calling card of political uncertainty

Adding to a roiling market was the delay of a vote on the Senate Republican's repeal bill. President Trump has expressed from the beginning of his term that movement on other tax reforms will come after health care reform. Hope and expectations by investors for tax cuts and other stimulus spendings before the summer session may be dwindling somewhat. 

However, European Central Bank president, Mario Draghi at an annual economic policy conference in Portugal did the opposite.  Providing hope to investors after remarks he made were interpreted to mean the current quantitative easing programme may begin to wind down.  

ECB Source: Shutterstock.com