FAST FIVE: Stocks Slip On Report States Are Moving Ahead With Tech Anti-Monopoly Probe
Just as the administration was apparently trying to pump the market even higher with an idiotic story about possible payroll tax cuts (and during a session that was, for a brief time, focused on German fiscal stimulus, no less) a report about State AGs moving ahead on an anti-trust probe of big tech has emerged to hammer futures lower.
If accurate, the WSJ report would represent one of the most significant escalations in the push to break up the big tech companies yet.
As part of the probe, the state attorneys are likely to issue civil investigative demands, similar to subpoenas, to tech giants and other firms, the people said.
They said the new investigation could dovetail with plans by the US Justice Department, which last month announced its own antitrust review that will focus on tech companies including Alphabet Inc. 's Google unit and Facebook Inc.
The Wall Street Journal reported in June that a number of attorneys general were considering launching a probe into antitrust concerns surrounding Big Tech.