Wall Street expected to open flat as Netflix and trade pessimism drag down markets. The top three equity benchmarks were largely unchanged in futures trading on Thursday as global stocks fell. Netflix, which reported a rare drop in U.S. subscribers and slower-than-expected international growth on Tuesday evening, was a key drag on the Nasdaq. Shares of the streaming site were down double-digits in pre-market activity.
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President Trump takes a fresh dig at China as hopes for a trade agreement dwindle. Trump touted the U.S economy at a rally on Wednesday while highlighting an economic slowdown in China. The continued criticism, which follows a renewed threat to impose more tariffs on the Asian nation, is casting doubt over the possibility of a trade deal. Trump and top officials have cautioned that the two sides are unlikely to reach a quick agreement, contributing to market declines.
FaceApp is blowing up news feeds but the app from the Russian-based firm is raising security concerns among privacy experts and lawmakers. The app from Wireless Lab is dominating social media platforms, but the Russian startup's terms of services is prompting criticism from Senate Minority Leader Chuck Schumer and others. The New York Democrat is asking the Federal Trade Commission and FBI to investigate the firm.
Facebook's Libra faces significant challenges moving forward amid mounting congressional opposition. The outlook for the new digital currency is dimming after two days of bruising hearings on Capitol Hill, where lawmakers raised concerns on everything from how the social media giant will ensure consumers are protected to whether the offering will undermine the U.S. dollar and other currencies. One Democratic lawmaker even compared Libra to the Sept. 11 terrorist attacks. Treasury Secretary Steven Mnuchin on Thursday said G7 leaders also have "strong concerns" about the product.
Tiger Woods back at the British Open and $1.9 million is on the line. The golf legend is looking to top off a series of uneven performances with a win at the final major tournament of the season. Woods has played few events since winning the Masters in April, including a 21st-place finish at the U.S. Open. The competition will be fierce and includes 2019 PGA Championship winner Brooks Koepka.