Today in the Market (3/5/2024)

Good Morning! On Tuesday, U.S. equities finished lower, moving away from record highs due to uncertainties about interest rate reductions and volatility in the “Magnificent Seven”, causing caution in the market. The S&P 500 and the Dow Jones fell by 1.02% & 1.04%, while the NASDAQ slid by 1.65%.

THIRD BIGGEST FINE

The European Commission imposed a €1.8 billion ($1.95 Billion) penalty on Apple (AAPL) for using its market dominance to limit competition in the music streaming industry.

So what happened? European authorities found that Apple restricted music streaming businesses, like Spotify, from informing iPhone customers about the option to purchase cheaper subscriptions outside of Apple’s App Store. This resulted in consumers paying higher prices, making this fine the third-highest penalty the EC has ever imposed on a company.

So what is next? The EU’s Digital Markets Act, a law designed to promote competition between smaller firms and digital giants such as Apple, Meta (META), Google (GOOGL), and Microsoft (MFST), will be fully implemented on Thursday. In the US, the Department of Justice is anticipated to launch a comprehensive complaint against Apple for trying to hinder competition as well.

 

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