(29 MAY 2020)DAILY MARKET BRIEF 1:Financials, tech hit by HK tensions, Trump attack.

The US stock indices turned negative in Thursday’s session as the rising tensions around Hong Kong’s new national security law and Donald Trump’s attacks on social media companies led to some profit taking after American stocks advanced to highest levels in almost three months.

Financials and tech stocks suffered the biggest losses in New York. Twitter slid 4.45% as Donald Trump signed an executive order to remove some of the legal protections that social media companies enjoy after Twitter announced to fact-check his tweets earlier this week. Facebook (-1.61%) followed up on Twitter’s losses, while Snap rallied 7.35% on hope that Twitter’s misfortune could be a window of opportunity for its competitors. Trump’s personal fight against social media companies will likely remain short lived if his allegations are unjustified. But the fact that the Covid recovery could now cause a decent profit-taking in technology companies and move capital towards sectors which should benefit more fro