The rules would have treated internet companies as utilities companies, which would have led to more regulation in the industry.
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
Wall Street is in the throes of a major sell-off with the Nasdaq and S&P 500 down for the third week in a row. The Nasdaq is off 10 percent from its all-time high, which means it is in what Wall Street calls a market correction. Recession worries hit investors in the gut after unemployment spiked in July to 4.3 percent – near a 3-year high
Amazon didn’t help the mood, especially for tech stocks. Its quarterly results renewed concerns that big tech might be spending too much on AI. Amazon’s stock had its biggest drop in more than two years.
Next week investors will have a key services index to digest, as well as earnings from Disney and Uber.
Looking at other headlines making the news: Net neutrality rules were dealt another blow. This time, a U.S. appeals court temporarily blocked federal regulations that would govern access to websites and paid priority fast lanes. The Federal Communications Commission, under President Biden, was seeking to restart the regulations after they were dumped under President Trump.
In the ruling, the court said, “The final rule implicates a major question, and the commission has failed to satisfy the high bar for imposing such regulations.” It then said, “Net neutrality is likely a major question requiring clear congressional authorization.”
Oral arguments to decide the fate of net neutrality have been set for sometime between October and November.
The head of the FCC said the court’s decision “is a setback but we will not give up the fight.”
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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