Checking in on tech stocks as the U.S. finally admits it is investigating Big Tech for antitrust...
After months of speculation and reports, the U.S. government openly announced Tuesday afternoon that it is investigating the largest U.S. tech companies for anticompetitive practices, an inquiry that could lead to antitrust charges.
“The goal of the Department’s review is to assess the competitive conditions in the online marketplace in an objective and fair-minded manner and to ensure Americans have access to free markets in which companies compete on the merits to provide services that users want,” the announcement concluded. “If violations of law are identified, the Department will proceed appropriately to seek redress.”Shares in the largest U.S. tech companies took a hit in after-hours trading.
The scope of the now-formal investigation constitutes a “major shot across the bow” for FAANG stocks and a cause for increased concern among investors, Wedbush Securities analyst Daniel Ives said in a note late Tuesday.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOJ reportedly to open broad antitrust review of Big Tech; tech stocks dipThe IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.
Read more »
Justice Department to Open Broad, New Antitrust Review of Big Tech CompaniesThe Justice Department is opening a broad antitrust review into whether dominant technology firms are unlawfully stifling competition, according to department officials.
Read more »
Justice Department launching broad antitrust review of Big TechThe Justice Department is launching a formal antitrust investigation of the nation's biggest tech companies, raising the stakes for Silicon Valley after weeks of anticipation in Washington.
Read more »
DOJ announces broad antitrust review of large tech companiesThe DOJ said the goal of its review is to “ensure Americans have access to free markets in which companies compete on the merits to provide services that users want.'
Read more »
Candidates are blasting big brands on the campaign trail, and it could be especially bad for the likes of Walmart and the big tech companiesCandidates are blasting big brands on the campaign trail, and it could be especially bad for the likes of Walmart and the big tech companies (via axios)
Read more »