Transcript:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks attempt to recover from the Nasdaq’s biggest single-day decline in more than 2 months, largely driven by Nvidia and the tech sector.
Investors will digest earnings from economic bellwether FedEx ahead of the all-important PCE inflation data, expected Friday.
In other news, big American tech companies remain in the sights of the European Commission.
The European regulatory body alleges Microsoft violated antitrust rules with its “abusive” bundling of its cloud-based communication tool — Teams — with its more popular productivity tools, which include Office 365 and Microsoft 365.
If the findings are confirmed, Microsoft could face a fine of up to 10% of its global revenue, which was $212 billion in 2023.
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The EU investigation was sparked by complaints from Teams’ competitors Slack and Alfaview.
Microsoft preemptively unbundled Teams and Microsoft 365 in 2023, but the EU said the move failed to address antitrust concerns and more changes from Microsoft are needed to restore competition.
In a statement, Microsoft thanked the Commission for additional clarity and said it would work to address the remaining concerns.
The announcement follows news the Commission is also investigating Apple for a potential violation of its newly implemented Digital Markets Act, in addition to ongoing investigations of Meta and Alphabet-owned Google.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
