Social-media ETF falls, with Facebook in line for worst day since November 2016

An exchange-traded fund that tracks a group of social-media companies fell on Monday, as Facebook came under heavy selling pressure for how it has managed user data. The Global X Social Media ETF lost 1.3% in what was set to be its second straight daily decline. Facebook shed 4.9% and was on track for its biggest one-day decline since November 2016. The stock is the third-largest component in the fund, comprising 8.85% of the portfolio, according to FactSet data. Facebook has ignited a firestorm over how it manages third-party access to its users‘ information, after saying a firm with ties to the 2016 Trump campaign improperly kept member data for years despite saying it had destroyed those records. Among other social-media companies, Twitter Inc. fell 1.2% while Snap Inc. was down 1.8%. Despite the drop on the day, the ETF remains up 14.7% thus far in 2018, easily outperforming the 2.2% rise of the S&P 500. The Dow Jones Industrial Average fell 0.6% on Monday while the S&P 500 was off 0.6% and the Nasdaq Composite Index fell 0.9%.