US Senate Summons Facebook, Twitter, Google

28/10/2020

Shares went down on Wednesday 28.10.2020 as coronavirus continues to rampage through Europe and the US 

Furthermore, the U.S. presidential election is just a week away which also adds uncertainty and a more risk-off tone to the global market. Stock markets in Europe suffered heavy losses, plummeting to levels not seen since the first wave of coronavirus.

On Wednesday, Microsoft (NASDAQ: MSFT) had its report with better-than-expected results showing sales grew 12%. Other big brands like Mastercard (MA), General Electric (GE), and Boeing (BA) are bound to release their quarterly reports, and firms like Ford (F), Pinterest (PINS), Etsy (ETSY), and Gilead Sciences (GILD) will show their results once the market closes.

Apple Inc (NASDAQ: AAPL), Amazon.com (NASDAQ: AMZN), and Alphabet (NASDAQ: GOOGL), Google’s parent company, are among the tech giants who are going to release reports later this week.

On Wednesday, the U.S. Senate Committee on Commerce, Science, and Transportation is holding an important hearing with CEOs of Facebook (FB), Mark Zuckerberg, Alphabet (GOOG, GOOGL), Sundar Pichai, and Twitter (TWTR), Jack Dorsey, to talk about Section 230 of the Communications Decency Act, which has protected online platforms from any liability over user-generated content.

Sony (NYSE: SNE) pre-sold as many PS5 consoles in the first 12 hours in the United States as the company sold PS4 in the first 12 weeks, said Jim Ryan CEO of Sony Interactive Entertainment. The PS5 launch is happening in the middle of the COVID-19 pandemic that has worked in favor of many gaming companies but disrupted retail networks, games development, and manufacturing supply chains around the world.

Sony on Wednesday reported a sudden rise in the quarterly profit. The PS5 is expected to be the first next-generation device that will not push the gaming division to a yearly loss in its launch year.

Sony's shares have gained 47% from March lows climbing 1.8% on Wednesday.