Just as the tech giant braces for a sweeping lawsuit from the Justice Department, it was hit with a $2 billion European Commission fine for allegedly breaking competition laws overseas.
Apple (AAPL) faces a massive $1.95 billion fine from European Union regulators. The EU claims Apple intentionally shut out music streaming competition, using its App Store to favor its own Apple Music service over rivals like Spotify (SPOT). Yahoo Finance Legal Reporter Alexis Keenan breaks down the details. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith and updated by Luke Carberry Mogan.
The S&P 500 closed slightly lower on Monday after a choppy trading day as investors took a pause ahead of economic data and Fed Chair Jerome Powell's congressional testimony. Rallies in chip stocks, including Nvidia, helped advance the S&P 500 to fresh intraday records during the session as investors continued to bet on demand for products powering artificial intelligence (AI) even though were broadly cautious ahead of economic data. But the S&P 500, after turning slightly positive late in the day, started to lose ground again in the last hour of trading to fall back into the red in the last few minutes of trading.