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US stocks retreat as tech giants hit by EU probe
05:24
US
US stocks retreat as tech giants hit by EU probe
The three major averages ended Monday lower, with the Dow Jones down 0.4%, S&P 500 and Nasdaq down 0.3% - a technical correction after last week's strong gains when the indices reached all-time high levels. US markets also showed signs of fatigue as tech heavyweights are facing increased regulatory scrutiny in Europe. The European commission has opened an investigation into Apple, Alphabet and Meta, its first probe under the new Digital Markets Act tech legislation. The first two probes focus on Alphabet and Apple and relate to so-called anti-steering rules. Under the DMA, tech firms are not allowed to block businesses from telling their users about cheaper options for their products or about subscriptions outside of an app store. Apple has already been fined 1.8 billion euros
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