U.S. stocks moved broadly lower in early trading Thursday as investors pulled back to a defensive stance as an impeachment inquiry into President Donald Trump moves along and U.S. economic growth slows.
Technology stocks were among the biggest losers in the early going. Cisco Systems fell 1.6% and IBM shed 1.2%. The sector has been volatile all week amid investor concerns about the U.S.-China trade war and upcoming negotiations in October.
Facebook fell 1.7% and dragged communications stocks lower. The company could find itself the target of another antitrust investigation, this time by the Justice Department, according to Bloomberg.