Futures dip, DOJ mulls Google break-up, Rio-Arcadium deal - what's moving markets
Investing.com -- Stock futures tick down on Wednesday following a tech-driven rise in equities in the previous session. The US Justice Department weighs a possible break-up of search titan Google agrees to a $6.7 billion acquisition of US peer Arcadium Lithium, signaling the miner's drive to enhance its position ahead of an anticipated jump in electric vehicle demand.
"For more than a decade, Google has controlled the most popular distribution channels, leaving rivals with little-to-no incentive to compete for users," the DOJ added. Rio Tinto said the deal would see it purchase Pennsylvania-based Arcadium for $5.85 per share, representing a premium of 90% to Arcadium's closing price on Oct. 4.
The breakdown in talks came after two days of negotiations with a federal mediator, denting chances of an immediate end to an almost month-long work stoppage impacting Boeing’s operations in the US Pacific Northwest. Elsewhere, data from the American Petroleum Institute, released on Tuesday, showed US oil inventories grew by 10.9 million barrels in the past week, much more than expectations for an increase of 1.95 million barrels.
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