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Morning Brief: Silicon Valley execs on Capitol Hill

Wednesday, September 5, 2018

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What to watch today

On Wednesday, Silicon Valley goes to Washington, D.C. Jack Dorsey, CEO of Twitter (TWTR) and Square (SQ), and Sheryl Sandberg, COO of Facebook (FB), will both be on Capitol Hill Wednesday to face questions from lawmakers over the content and safety of their platforms. Earlier this year, Facebook CEO Mark Zuckerberg spent two days on Capitol Hill discussing Facebook’s role in allowing foreign actors to present misinformation to users during the 2016 election. Dorsey and Sandberg will likely face similar questions about the ability of their platforms to ferret out propaganda and other coordinated campaigns.

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Top news

(AP Photo/Ted S. Warren, File)

Amazon (briefly) joins Apple in the $1 trillion club: At about 11:42 a.m. ET Tuesday, Amazon (AMZN) became the second U.S.-listed company to be worth $1,000,000,000,000. The stock fell back below the threshold and ended Tuesday up 1.33% at $2,039 per share. [Yahoo Finance]

Blood-testing firm Theranos to dissolve: Theranos Inc., the blood-testing company accused of perpetrating Silicon Valley’s biggest fraud, will formally dissolve, according to an email to shareholders. Theranos will seek to pay unsecured creditors its remaining cash in coming months. [The Wall Street Journal]

Tesla hits 3-month low: Between a volatile chief executive, relentless attacks from short sellers and a fast evolving competitive landscape, the pressure on the electric-car maker’s shares was compounded on Tuesday by not-so-flattering reports from two large Wall Street firms and Mercedes-Benz’s unveiling of a high-end electric car. Tesla (TSLA) shares closed down 4.2% on Tuesday to $288.95, the lowest price since May 31. [Bloomberg]

Fidelity’s zero-fee index funds attracts $1 billion: Just a month after announcing it would become the first financial company to offer no-fee index mutual funds, Fidelity has attracted roughly $1 billion into the two portfolios. Fidelity’s zero-fee funds covering the U.S. and international stock market have no management fee. [CNBC]

Toyota plans to recall 1 million hybrid modelsToyota Motor Corp. (TM) said on Wednesday it planned to recall around 1.03 million vehicles, including its gasoline-hybrid Prius model, in Japan, North America, Europe and other regions due to an issue with the engine wire harness which can pose a fire risk. [Reuters]

For more of the latest news, go to Yahoo Finance

A pair of ruby slippers once worn by actress Judy Garland in the “The Wizard of Oz” are displayed at a news conference Tuesday, Sept. 4, 2018, at the FBI office in Brooklyn Center, Minn. Authorities announced that the slippers, stolen in 2005 from the Judy Garland Museum in Grand Rapids, Minn., were recovered in a sting operation. (Richard Tsong-Taatarii/Star Tribune via AP)

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The Morning Brief provides a quick rundown on what to watch in the markets, top news stories, and the best of Yahoo Finance Originals.