CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. Stanford climate scientist Noah Diffenbaugh joins After Hours today to explain why the major wildfires burning through the west coast are more bigger in 2020 than in the past. Plus, CNBC’s Kate Rooney reports on the consistent popularity of online trading through brokerages like Robinhood.
Nasdaq closes lower to end its worst week since March as tech continues to struggle
The Nasdaq Composite fell in another volatile session on Friday as the continuing tech sell-off drove the benchmark to its worst week in months.
The Nasdaq closed 0.6% lower at 10,853.55. At its session high, the composite rose as much as 1%; it was down more than 1.7% at one point as well. Apple dropped 1.3% and Amazon fell by 1.9%. Facebook, Alphabet and Microsoft were all down.
Major wildfires tear through California, Oregon and Washington as death toll rises
Dozens of major wildfires are burning through the U.S. West Coast, destroying hundreds of homes and wiping out entire neighborhoods in two towns in Oregon.
More than 3 million acres have burned in California, a record in state history. The August Complex that started from a series of lightning strikes last month has become the biggest wildfire in California’s history.
The Ashland Police Department in Oregon has opened an arson investigation for the Almeda Fire, which killed two people and decimated two towns. The death toll from the Almeda Fire is expected to rise as search teams look through the destruction.
Nikola shares plunge more than 14% amid dispute over short seller’s fraud allegations
Nikola shares tumbled more than 14% on Friday after the electric vehicle company denied fraud allegations made in a report by short-selling firm Hindenburg Research.
Nikola said it is considering legal options, retaining Kirkland & Ellis, and that it plans to bring documents to the Security and Exchange Commission to rebut the report.
