U.S. Markets open in 7 hrs 57 mins

Communication services sector paces decliners, led by Google's Alphabet and Facebook

Tomi Kilgore

Communication services was the hardest hit of the S&P 500's 11 sectors, led by the sharp selloff in Google-parent Alphabet Inc. shares. The SPDR Communication Services Select Sector ETF shed 1.9% in morning trade, putting it on track for a three-month closing low, while the S&P 500 gained 0.1%. The biggest drag was Alphabet's stock, which tumbled 5.6% on fears that the Department of Justice is preparing for a potential antitrust investigation. Among other big losers, shares of Facebook Inc. dropped 3.7%, CenturyLink Inc. gave up 2.7% and Twitter Inc. slid 2.4%. Meanwhile, the biggest gainers were shares of Verizon Communications Inc. tacked on 2.0% and AT&T Inc. rose 2.0%.