The U.S. stock market remains significantly overvalued following the Labor Day weekend, with Warren Buffett (Trades, Portfolio)’s market indicator reaching 148.3% on Wednesday.
Despite this, Facebook Inc. (FB, Financial) and David Einhorn (Trades, Portfolio)’s Twitter Inc. (TWTR, Financial) tumbled as Facebook Chief Operating Officer Sheryl Sandberg and Twitter CEO Jack Dorsey testified in front of Congress about ongoing “election meddling” concerns.
Shares of Facebook and Twitter trade lower on congressional investigation
CNBC columnists Fred Imbert and Alexandra Gibbs said the tech-heavy Nasdaq Composite tumbled 0.9% as shares of Facebook, Amazon.com Inc. (AMZN, Financial), Netflix Inc. (NFLX, Financial), Microsoft Corp. (MSFT, Financial) and Alphabet Inc. (GOOGL, Financial)(GOOG, Financial) all traded lower. Table 1 lists the share price of the above companies as of 1:45 p.m. Wednesday.
| Symbol | Company | Price | Day's change |
| FB | Facebook Inc | 167.54 | -2.12% |
| AMZN | Amazon.com Inc | 2002.02 | -1.84% |
| NFLX | Netflix Inc | 346.57 | -4.68% |
| MSFT | Microsoft Corp | 108.92 | -2.50% |
| GOOG | Alphabet Inc | 1186.25 | -0.90% |
| GOOGL | Alphabet Inc | 1198.51 | -1.06% |
| TWTR | Twitter Inc | 33.05 | -5.14% |
Table 1: Prices are as of 1:45 p.m. Wednesday
According to CNBC, Dorsey said although Twitter has been repeatedly accused of “shadow banning,” in which the platform de-emphasizes certain accounts in search results, the San Francisco-based company still strongly believes its platform “enforces [Twitter’s] rules impartially” and “is incentivized to keep all voices on the platform.”
Buffett’s market indicator nearing all-time high
The Berkshire Hathaway Inc. (BRK.A, Financial)(BRK.B, Financial) CEO’s favorite market indicator stood at 148.3%, approximately 0.2% from its all-time high of 148.5%. Based on this market level, the U.S. stock market is expected to return -2.5% per year over the next eight years.
Disclosure: No positions.
