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This is the web version of Data Sheet, Fortune’s daily newsletter on the top tech news. To get it delivered daily to your in-box, sign up here.

We usually relegate the comings and goings of tech executives, even at the highest levels, to a little weekly section in Tuesday’s Data Sheet. Not today. The one big arrival and one big departure in the industry on Thursday have big implications. In the newspaper business, we’d say they belonged on page one, above the fold.

The arrival: Longtime Facebook engineer Chris Cox is returning to the social network after about a year away.

Cox quit last March when his title was chief product officer. After 13 years at Facebook, he was reportedly unenthused about CEO Mark Zuckerberg’s decision to emphasize strong encryption across all of the company’s messaging products. “This will be a big project, and we will need leaders who are excited to see the new direction through,” Cox wrote at the time in a statement that didn’t exactly take a PhD in psychology to unpack.

Later reporting uncovered numerous projects Cox had championed to make Facebook’s platform less politically divisive and polluted with bad information–projects that Zuckerberg watered …

The Robinhood application is displayed in the App Store on an Apple Inc. iPhone in an arranged photograph taken in Washington, D.C., U.S., on Friday, Dec. 14, 2018.

Andrew Harrer | Bloomberg | Getty Images

Retail investors speculating in stocks are not responsible for the market’s comeback and their top picks tend to underperform, according to Barclays. 

The Wall Street firm looked at historic data for Robinhood customers and examined their top holdings and closing stock prices. Barclays concluded there was no clear relationship between Robinhood customers adding shares and S&P 500 index moves. 

The analysis “casts doubt on the idea that retail holdings are the cause of market returns,” Barclays analyst Ryan Preclaw told clients. 

A flood of new retail investors into brokers like Robinhood, Charles Schwab and TD Ameritrade, alongside the market’s major rebound from the depths of its March low has developed into a popular narrative that new retail trades are driving the rally. The Silicon-Valley start-up said it saw a historic 3 million new accounts in the first quarter, while stocks experienced their fastest bear market and worst first quarter on record. Zero commissions, fractional trading and a lack of sports have also driven some young

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Good morning.

Well that was quick. In rapid succession this week, Microsoft followed Amazon which followed IBM in putting the brakes on selling facial recognition software to law enforcement, because of concerns about racial profiling. Anyone who thought post-George-Floyd CEO statements were just talk now have a bit of action to point to.

But Microsoft’s Brad Smith raised the obvious problem with this approach. In China, which has made winning the A.I. race a national priority, concerns about privacy and profiling are faint. Said Smith:

“I think it’s important to see what IBM has done. I think it is important to recognize what Amazon has done. It is obviously similar to what we are doing. But if all of the responsible companies in the country cede this market to those who are not prepared to take a stance, we won’t necessarily serve the national interests or the lives of the black and African-American people of this nation well.”

IBM CEO Arvind Krishna Had this to say about the tech trend he started:

“This is a time when people are expecting companies

Good morning, Bull Sheeters. This is Fortune finance reporter Rey Mashayekhi, filling in for Bernhard Warner.

Thursday was a day of reckoning for bulls who have ridden the market’s extraordinary rally—one apparently disconnected from the harsh economic realities gripping much of the world right now. Here’s how things stand as we near the end of the week.

Markets update


  • After posting sharp losses early Friday, Tokyo’s Nikkei (-0.75%) and Hong Kong’s Hang Seng (-0.7%) rebounded to close slightly down. On mainland China, the major indices in Shanghai (-0.04%) and Shenzhen (+0.07%) also rallied to par. In South Korea, the KOSPI (-2%) saw a sharper decline.
  • There’s more U.S.-China trade tumult in the news. China’s WTO delegation denounced a U.S. executive order banning American firms from using telecom equipment from Chinese companies said to pose a national security risk. In D.C., senators introduced a bipartisan bill that would increase oversight and penalties on foreign companies for intellectual property theft. Meanwhile, Beijing’s envoy to Ottawa labeled the U.S. a “troublemaker” for interfering in Chinese-Canadian relations.
  • Singapore’s prominence as a derivatives trading hub may take a hit after it lost an MSCI index licensing deal to Hong Kong.
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