By Alan Murray and David Meyer
March 29, 2018

Good morning.

Amazon became the market’s latest tech whipping boy yesterday, following a report from Axios that President Trump wants to rein in its growing power. Shares fell almost 5%, knocking $30 billion off its soaring value. While the news report cited multiple sources saying the president is “obsessed” with Amazon—in large part tied to CEO Jeff Bezos’s ownership of The Washington Post—White House spokesperson Sarah Sanders said there are no “specific policies on the table at this time.”

And Tesla stock continued to get pounded, tumbling another 8% on reports that the National Transportation Safety Board was looking into the fatal crash last week, and that Moody’s downgraded the company’s credit rating to B3 from B2. Also yesterday, a judge refused to dismiss a shareholder lawsuit related to the company’s acquisition of Solar City.

Meanwhile, Apple CEO Tim Cook again went after Facebook, telling tech site Recode that his company “is not going to traffic in your personal life.” The privacy controversy has apparently caused Facebook to delay the launch of its smart home product.

The markets stabilized in Asia and Europe today. More news below.

Alan Murray
@alansmurray
alan.murray@fortune.com

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