Circus antics under 'the big top' might be one way to view the mixed and bifurcated sector performance that took Indexes in opposite directions currently, especially in morning trading. It's a swirl of activity; with the FTC actions, which likely led to the DOJ involvement I explored last night; and the unknown outcomes down-the-road.

Secretary of the Treasury Mnuchin clarified the targets (in my view) just a bit; with his singling-out Amazon for 'destroying retail' in the United States. While I dispute his assertion that Walmart wasn't so difficult a challenge for small business; I clearly have concurred on the Amazon approach (actually discussed it yesterday a bit).  

Google seems to be less in the Government's cross-hairs, given his remark suggesting they are 'helping the U.S.'; although he didn't say that Chinese fifth-columnists hadn't infiltrated that Company among others.  

In tonight's report lets summarize some (not all) of many factors impacting (or possibly impacting) forward news that can be reflected in markets:

• The Facebook 'reforms' and fines should set the bar for others heavily involved in violating privacy; and actually help global privacy as well;

• While letting it be settled with the FTC rather than the Courts; it likely is what Facebook wanted to avoid an enormous penalty in human terms (culpability) that could have occurred if it went to Court;

• What this means is that Facebook sort of covered this up (soft penalty in relation to the revenue and pervasiveness); but it does help regarding a standard of conduct going forward; with overtones for all internet firms, especially those names you know treat 'you' as the product, rather than how most consumers perceive they are merely shopping 'for' product;

• Very successful high-tech platforms need to be contained; while a goal of not really inhibiting growth (and actual 'competition') going forward;

• How citizens view 'social media' and 'retail marketing' firms as being too intrusive could be reflected at the 'ballot box', but while antitrust laws do not seek to punish success; the tricky part is how to empower entry to markets, without inhibiting that (and voters aren't ready to sort it out);

• Amazon is likely the real target; hence Sec'y. Mnuchin's comments; with a caveat that anything related to breakup's could take 'years' to evolve;

• Most interesting was AT&T's favorable response to missing increases in Quarterly profits (first time in years); but that's not surprising;

• The shares were up not down, which reinforces my view of the dividend being key for now; but also a possibly-higher multiple down-the-road as it moves into a broader streaming-media portfolio of platforms next year;

• A number of movers after-hours; summarized below.

In-sum: next week we get China trade on the front burner; and a Fed rate cut. Both mean more than the Mueller testimony today.