Photo of Wall Street (Matteo Colombo/Getty Images)
(NEW YORK) — The Dow Jones Industrial Average plunged more than 1,000 points in early trading on Tuesday as the ongoing U.S.-Israeli war with Iran prompted a major selloff.
The Dow fell 1,075 points, or 2.2%, while the S&P 500 dropped 2%. The tech-heavy Nasdaq plummeted 2%.
Investor reaction on Tuesday sharply departed from the muted response a day earlier, when the major indexes closed essentially flat.
Oil prices, meanwhile, spiked for the second consecutive day as traders feared a prolonged blockade of the Strait of Hormuz, a trading route that facilitates the transport of about one-fifth of global oil supply.
The national average price of gasoline in the U.S. soared about 11 cents overnight to $3.11, AAA said on Tuesday.
President Donald Trump announced “major combat operations” against Iran on Saturday, with daytime strikes in the joint U.S.-Israel attack targeting military and government sites, officials said.
On Sunday, Iranian state television confirmed that Ayatollah Ali Khamenei was among those killed by airstrikes in Tehran.
Iran is responding to the U.S.-Israeli operation with missile and drone attacks targeting Israel, regional U.S. bases and Gulf nations. American diplomatic facilities have also been attacked.
U.S. Treasury yields ticked higher on Tuesday, suggesting possible concern about economic instability and inflation stemming from the Iran War.
Since bonds pay a given investor a fixed amount each year, the specter of inflation risks higher prices that would eat away at those annual payouts.
In turn, bonds often become less attractive in response to economic turmoil. When demand falls, bond yields rise.
ABC News’ Jon Haworth, Jack Moore, Nadine El-Bawab, David Brennan, Kevin Shalvey, Meredith Deliso and Leah Sarnoff contributed to this report.
Mark Zuckerberg (R), CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. (Anna Moneymaker/Getty Images)
(WASHINGTON) — Mark Zuckerberg took the stand on Wednesday in a landmark Los Angeles trial alleging that major social media platforms were intentionally designed to be addictive for children and teens.
The case, which began last Monday in Los Angeles County Superior Court, centers on claims against Meta — the parent company of Facebook and Instagram — and YouTube, which is owned by Google. Plaintiffs argue the companies knowingly built features that encouraged compulsive use among young users, contributing to long-term mental health harm.
The lawsuit was brought by a now-20-year-old woman identified as “Kaley” and her mother, who allege she was exposed to addictive design features as a child. Her lawyers claim she got hooked on social media apps starting as young as age 6. She says features like auto-scrolling got her addicted to the platforms — ultimately leading to anxiety, depression and body image issues.
In opening statements, the plaintiffs’ attorney Mark Lanier told the jury the case was “as easy as ABC,” which he said stood for “addicting the brains of children.”
The case is the first of more than 1,500 similar lawsuits nationwide to go before a jury, potentially setting a precedent for how tech companies are held liable for product design.
Zuckerberg has appeared before Congress multiple times to address concerns over youth safety and online harms, but Wednesday marks the first time he will testify before a jury on these claims.
Several parents of children who died by suicide or accidental harm linked to online trends are expected to attend the proceedings. Some previously watched Zuckerberg apologize during a 2024 Capitol Hill hearing, where he acknowledged families who said social media contributed to their children’s deaths.
The companies deny the allegations, arguing that mental health outcomes are shaped by a range of factors beyond social media use. They say they have implemented safeguards aimed at protecting young users, including parental controls and accounts designed specifically for teens.
In a statement to ABC News at the start of the trial, a Meta spokesperson said, “We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people.”
Meta said that the company has made “meaningful changes” to its services, such as introducing accounts specifically for teenage users.
Zuckerberg’s appearance follows testimony last week from Instagram head Adam Mosseri, who disputed characterizing Instagram use as an “addiction,” while acknowledging what he described as “problematic use.”
Mosseri testified that there’s always a tradeoff between “safety and speech,” saying users don’t like it when they remove options from Instagram.
The Los Angeles trial is part of a broader wave of litigation targeting social media companies. Meta is also facing a separate child safety lawsuit in New Mexico, while lawsuits brought by school districts — modeled after tobacco litigation in the 1990s — are expected to head to trial later this year.
Social platforms Snapchat and TikTok were previously named in the lawsuit but reached settlements with the plaintiffs last month.
James Gorman, Chairman of The Walt Disney Company Board of Directors stands with newly named CEO of The Walt Disney Company, Josh D’Amaro, newly named President and Chief Creative Officer of The Walt Disney Company Dana Walden and current CEO of The Walt Disney Company, Robert A. Iger. (Disney)
(NEW YORK) — The Walt Disney Company announced on Tuesday that Josh D’Amaro will become the company’s next CEO in March, replacing current chief executive Bob Iger when he steps down from the role this year. Dana Walden will become the company’s president and chief creative officer.
D’Amaro, chair of Disney’s experiences unit, oversees a global network of theme parks and hotel resorts. He also leads the company’s cruise ships and consumer products, among other initiatives. D’Amaro formally takes over the CEO role on March 18 at Disney’s upcoming annual meeting.
“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” Iger said in a statement on Tuesday.
“He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company,” Iger added.
D’Amaro, 54, joined the company in 1998.
Walden is set to become the company’s president and chief creative officer, Disney said. Walden previously served as the head of Disney’s entertainment media, news and content businesses, including its streaming service.
Iger began his current tenure as CEO in 2022, after previously serving in the role from 2005 to 2020. He also served as chairman over that period. After stepping aside in 2020, Iger served as executive chairman and chairman of the board until 2021.
In a letter to shareholders in January, Disney Board Chairman James Gorman described management succession planning as a “top priority” for the company’s board of directors, according to a securities filing.
“Oversight of the process is led by our dedicated Succession Planning Committee, and all directors have actively participated in a rigorous and ongoing evaluation of potential successor candidates, including direct engagement, performance assessment and consideration of leadership capabilities aligned with the Company’s long-term strategy,” Gorman added.
Meta CEO Mark Zuckerberg arrives to the Los Angeles Superior Court at United States Court House on February 18, 2026 in Los Angeles, California. (Jill Connelly/Getty Images)
(LOS ANGELES) — A landmark trial over social media addiction has drawn fresh scrutiny to a decades-old legal shield: Section 230.
The case, which began last Monday in Los Angeles County Superior Court, centers on claims against Meta — the parent company of Facebook and Instagram — and YouTube, which is owned by Google. Plaintiffs argue the companies knowingly built features that encouraged compulsive use among young users, contributing to long-term mental health harm.
The case is the first of more than 1,500 similar lawsuits nationwide to go before a jury, potentially setting a precedent for how tech companies could be held liable for product design. Meta CEO Mark Zuckerberg is testifying in the case on Wednesday.
The companies deny the allegations, arguing that mental health outcomes are shaped by a range of factors beyond social media use. They say they have implemented safeguards aimed at protecting young users, including parental controls and accounts designed specifically for teens.
In a statement to ABC News at the start of the trial, a Meta spokesperson said, “We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people.”
Meta said that the company has made “meaningful changes” to its services, such as introducing accounts specifically for teenage users.
The tech giants are expected to challenge the plaintiff’s argument that there is a direct link between social media use and mental health issues. They may also invoke legal protection long-afforded by Section 230.
Section 230 of the 1996 Communications Decency Act protects social media platforms and other sites from legal liability that could result from content posted by users because they are not deemed to be publishers.
Plaintiffs have sought to circumvent that legal immunity in part by arguing that the platforms are addictive, which amounts to a defect in a product.
Section 230 grants broad protection for internet platforms, saying: “No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider.”
Some tech giants, like Meta and Google, have supported reform of Section 230 that would raise the standard that platforms would need to meet in order to qualify for immunity. But the companies largely support preserving the law in some form to protect them from legal liability tied to user-generated content.
Section 230 has garnered backing from some free-speech advocacy groups such as the Electronic Frontier Foundation (EFF). The measure “protects internet users’ speech by protecting the online intermediaries we rely on,” EFF said in a blog post last week, praising Section 230 as “the legal support that sustains the internet as we know it.”
In 2023, the Supreme Court issued a pair of rulings that upheld Section 230, rejecting challenges from users alleging that harm had resulted from online posts.
One of the cases, Gonzalez v. Google LLC, concerned a lawsuit brought by the family of Nohemi Gonzalez, an American woman who was killed in an ISIS terrorist attack in Paris in 2015. The lawsuit against Google, the parent company of YouTube, alleged that YouTube recommended ISIS recruitment videos to users. The high court ruled against the plaintiffs.
Many Democrats argue that Section 230 allows platforms to evade accountability for allegedly permitting harmful or misleading content, claiming the rule lets platforms off the hook for policing too little speech.
Republicans have taken issue with what they consider big tech censorship, saying the legal protection allows the platforms to police too much speech without facing consequences.
In December, Sen. Dick Durbin, D-Ill., and Lindsey Graham, R-S.C., introduced the Sunset Section 230 Act, which would remove the legal protection from federal law within two years. A bipartisan group of seven senators has signed onto the bill but it remains well short of a majority.
ABC News’ Shafiq Najib contributed to this report.
