The European Union has named several tech giants as “gatekeepers” under its new digital markets law, and the Federal Trade Commission (FTC) is apparently going to sue Amazon for antitrust violations. Today, buyers need to know these things.
1. FTC is going to move forward with its antitrust case against Amazon
Reports say that the FTC will sue Amazon (AMZN) for antitrust violations later this month. This is because Amazon executives failed to make promises to the government agency at a crucial meeting in August. A lot of the case will be about how Amazon does business, like its logistics program and how third-party sellers set their prices on Amazon.com. Amazon stock was down 0.8% before the market opened.
2. Fed to Put Out New Beige Book Before Next Meeting
The Federal Reserve will release its quarterly Beige Book today at 2 p.m. ET, two weeks before its next meeting. This will give investors a chance to see the most up-to-date information on the economy. Also today, at 8:30 a.m. ET, the Institute of Supply Management (ISM) Services Purchasing Managers’ Index (PMI) for August is predicted to stay at 52.7%. There will also be news that the U.S. trade deficit rose to $68.3 billion in July, up from $65.5 billion the month before.
3. More money coming in from the AI platform makes GitLab shares go up.
There was a big jump in GitLab (GTLB) shares before the market opened. This was because the software development platform did better than expected in its quarterly earnings report. Thanks to its AI-powered DevSecOps platform, the company made $126.9 million in the first quarter, more than the $87.4 million it made in the same quarter last year and more than the $117.8 million that analysts had predicted. GitLab also predicted $129 million to $130 million in revenue for the second quarter, which was more than the $127 million that had been predicted.
4. More money coming in from the AI platform makes GitLab shares go up.
Reports say that C&S Wholesale Grocers is almost done with a deal to buy stores that Kroger (KR) and Albertsons Companies (ACI) are trying to sell so that they can meet the rules for their planned $25 billion merger. SoftBank Group is backing the deal. To stop antitrust concerns, the two grocery store groups want to sell between 250 and 300 stores. Kroger shares were up 1.4% and Albertsons shares were up 1.5% before the market opened.
5. The EU now calls a number of large tech companies “gatekeepers.”
Some big tech companies are “gatekeepers” for the European Union under its Digital Markets Act. This means they have to follow a new set of rules that are meant to make the market more competitive. Amazon, Apple, Alphabet, Meta Platforms, Microsoft, and ByteDance, the company that owns TikTok, will be called “gatekeepers” by the European Commission. The EU sees this as limiting access to key services like messaging, online search, and advertising.
6. Amazon’s antitrust suit against the FTC is set to go forward.
Reports say that the FTC will sue Amazon (AMZN) for antitrust violations later this month. This is because Amazon executives failed to make promises to the government agency at a crucial meeting in August. A lot of the case will be about how Amazon does business, like its logistics program and how third-party sellers set their prices on Amazon.com. Amazon stock was down 0.8% before the market opened.
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