Mainstream media headlines seem to have gone too far with respect to McCabe’s firing, which came at the behest of the FBI Inspector General, as well as beating the drums of an impending firing of Mueller, are taking a toll on the stock market.

When these stories made the rounds in recent months, pressure on the stock market was evident, particularly when framed in the context of sparking a Constitutional crisis.  Trump and his lawyers have never mentioned firing Mueller, but the series of angry tweets gave progressive fodder for this narrative on the heels of the McCabe termination.

Donald J. Trump March 18, 2018

‏The Mueller probe should never have been started in that there was no collusion and there was no crime. It was based on fraudulent activities and a Fake Dossier paid for by Crooked Hillary and the DNC, and improperly used in FISA COURT for surveillance of my campaign. WITCH HUNT!

Donald J. Trump March 18, 2018

‏Why does the Mueller team have 13 hardened Democrats, some big Crooked Hillary supporters, and Zero Republicans? Another Dem recently added...does anyone think this is fair? And yet, there is NO COLLUSION!

Donald J. Trump March 19, 2018

‏A total WITCH HUNT with massive conflicts of interest!

I believe the mainstream media wants to see the market collapse, as its coverage of down sessions and difficult weeks vastly outpaced coverage of the rally since the inauguration.  I don’t believe AG Sessions is going to fire Robert Mueller.  On the contrary, the investigation seems to be moving toward a conclusion that is no longer focused on so-called “collusion” between the Trump campaign and Russia.

The speculation, coupled with news that Facebook may have allowed as many as 50 million users data to be used for proposes they didn’t approve of, are proving to be a tough one-two punch, and buyers aren’t trying to get in the way.  In fact, would-be buyers may not want to get in front of the market until Jerome Powell speaks to the financial media on Wednesday. 

Technology is getting hit hard not only on FB, but the news out of Apple (AAPL) that the company has been making significant progress in manufacturing its own MicroLED screens for its iPhones has pressured AAPL suppliers.  Universal Display (OLED) is trading down 15% as investors sell first and ask questions later.  The PHLX Semiconductor index is down 2.91%.    AAPL itself is down 2% on iPhone demand concerns.  This development of a game-changing screen that could make future devices more efficient, lighter, and brighter could represent a boost to the decelerating sales growth of iPhones and iPads.   

In addition, this week the European Union is going to propose a 3% tax on digital revenue.  This has added additional pressure to the tech sector, which  is down 2.7% and is the worst performing sector today.

Decliners are blowing away advancers 2475/440 on the NYSE and 1815/579 on the Nasdaq. All 11 S&P sectors are firmly in the red.  The Dow is down 1.85%, the S&P -2%, and the Nasdaq -2.5%.