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Tuesday Morning Business Brief

March 25, 2014, 5:36 AM

Tuesday Morning Business Brief

Technology stocks have been soaring over much of the past year, but that's come to at least a temporary halt. Investors unloaded some of the biggest names in the industry yesterday. Netflix fell 7 percent, Facebook fell 5 percent, and Google and Amazon.com each fell more than 2 percent. The tech sell-off caused the broader market to close lower. The Nasdaq lost 50 points, or 1.2 percent, while the Dow dropped 26 and the S&P 500 fell 9 points.

  • There's been little economic news to excite investors so far today, and Asian stock markets have been relatively flat. European shares are mostly higher, however, while futures suggest a slightly higher opening on Wall Street. Benchmark oil for May delivery is up 24 cents to $99.84 per barrel in electronic trading on the New York Mercantile Exchange.
  • Among the business and economic events on tap for today, Standard & Poor's is releasing the S&P/Case-Shiller index of home prices for January. That comes out at 9 a.m. Eastern time.  An hour later, the Commerce Department issues its new-home sales report for February, and in Washington the Conference Board releases the Consumer Confidence Index for March.
  • Five former employees of imprisoned financier Bernard Madoff have been convicted at the end of a six-month trial that cast them as the long arms of their boss. Prosecutors argued that the defendants had spun an elaborate web of lies to hide a fraud that enriched them and cheated investors out of billions of dollars. The trial was one of the longest in the storied history of Manhattan federal court.
  • Google is hoping to make its Internet-connected eyewear more stylish as part of a partnership with the makers of Ray-Ban and Oakley frames. The alliance with Italian eyewear company Luxottica Group announced Monday represents Google's latest attempt to make wearable technology look less geeky as it tries to develop new ways to ensure people can stay connected to the Internet wherever they go.

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