The markets extended its losses during the midday with the Dow collapsing 268 points to 20,711. Nasdaq crumpled 106 points to 6,063.
The Google I/O annual developer's conference begins today at 10am Pacific Time with a keynote address by chief executive Sundar Pichai. The three day event is a forum for Google to promote its latest products and services. Expectations are high for updates to Google Home to better compete with industry leader Amazon Echo.
Qualcomm has filed a complaint against Apple contract manufacturers Foxconn Technology Group, Pegatron, Wistron and Compal Electronics for failing to pay royalties. Apple claimed that Qualcomm overcharged for their chips and sued the chipmaker in January. Qualcomm alleged that Apple has told its contract manufacturers to withhold royalty payments until the suit is settled.
A proposed $142 million settlement that Wells Fargo offered to customers affected by its fake accounts scandal may be in jeopardy. Questions about the settlement that were raised by a federal judge indicated a provision that prohibits customers from pursuing further claims against the bank may be rejected. Wells Fargo said that the settlement was an important step to rebuild trust with its customers.
The broader S&P 500 plummeted 28 points to 2,372. Bitcoin jumped $100 to $1793.
