Here are five things you must know for Wednesday, March 28:
1. -- Tech Tumbles
U.S. stock futures turned higher Wednesday, March 28, while equities in Europe and Asia fell as markets continued to whipsaw in the wake of a major selloff in the technology sector.
Contracts tied to the Dow Jones Industrial Average rose 60 points, while those linked to the broader S&P 500 gained 6 points. Futures for the tech-heavy Nasdaq gained 7.25 points.
Tech stocks led declines for Wall Street on Tuesday, March 27, with Twitter Inc. (TWTR) shares falling 12% following a note from Citron Research that suggested the social media company was one of the most susceptible to regulatory changes triggered by yet more headlines surrounding Facebook Inc.'s (FB) multi-billion dollar data scandal.
The S&P 500 Information Technology index slumped 3.47% on Tuesday, wiping out all of its gains for the year, as investors worried about stricter government oversight on the sector and watched bellwether names such as Google parent Alphabet Inc. (GOOGL) , Nvidia Corp. (NVDA) , Netflix Inc. (NFLX) and Apple Inc. (AAPL) register significant declines.
The Dow on Tuesday declined 345 points, or 1.43%, to 23,858, fell back into correction territory one session after it had its best day in years. The S&P 500 declined 1.73% on Tuesday and the Nasdaq dropped 2.9%.
For Wednesday, the U.S. economic calendar includes the third estimate for fourth-quarter GDP at 8:30 a.m. ET, International Trade in Goods for February at 8:30 a.m., and Oil Inventories for the week ended March 23, at 10:30 a.m.
Walgreens Boots Alliance Inc. (WBA) posted adjusted earnings in its fiscal second quarter of $1.73 a share, higher than analysts' estimates of $1.55. Revenue was $33.02 billion, ahead of forecasts of $32.2 billion. The stock rose 3.5% in premarket trading.
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2. -- Oracle Wins Court Ruling Vs. Google
A federal appeals court overturned a decision in a long-running legal battle over whether Google infringed on Oracle Corp.'s (ORCL) Java programming language to build its Android mobile operating system.
The court said Google's use of Java was "not fair" and sent the case back to trial to determine damages.
Oracle had originally sought $9 billion. The court said Android helped Google earn $42 billion in advertising revenue since the first Android phone went on sale in 2008, the Associated Press reported.
In a statement, Oracle said, "The Federal Circuit's opinion upholds fundamental principles of copyright law and makes clear that Google violated the law. This decision protects creators and consumers from the unlawful abuse of their rights."
A Google spokesman told the AP that the ruling "will make apps and online services more expensive for users." Google said it was considering its options.
3. -- Tesla's Stock Dives
Shares of Tesla Inc. (TSLA) fell 8.2% on Tuesday and were down another 1.5% in premarket trading on Wednesday after the National Transportation Safety Board announced an investigation into a fatal crash involving one of the company's vehicles.
Investigators were sent to look into a fatal crash on a California highway that involved a Tesla Model X equipped with a semi-autonomous control system.
The NTSB said it wasn't whether the car was operating on its Autopilot program at the time of the crash.
Meanwhile, Tesla had its credit rating downgraded by Moody's Investors Service on Tuesday, with the ratings agency citing "significant shortfall" in the production of the Tesla Model 3, and warned warned that it faces "liquidity pressures due to its large negative cash flow and the pending maturities of convertible bonds."
4. -- SoftBank and Saudi Arabia Plan Massive Solar Power Project
SoftBank Group Corp. (SFTBY) announced Wednesday a $200 billion solar power project in Saudi Arabia, which it said could be the world's largest.
Softbank CEO Masayoshi Son announced the partnership with Saudi Crown Prince Mohammed bin Salman late Tuesday in New York.
The prince is a partner in the SoftBank Vision Fund, which was set up in 2016.
5. -- Nike Extends NFL Partnership
Nike Inc. (NKE) and the National Football League reached an agreement on an eight-year extension to their on-field rights partnership.
Nike will continue to provide all 32 NFL teams with uniforms and sideline apparel bearing the Nike brand for use during all games.
The new deal will be go into effect when the current agreement expires in two years and will run through 2028.
This article has been updated with fresh stock market prices.