Tech stocks lead stocks lower – The Spokesman Review

NEW YORK – Stocks fell on Wall Street Wednesday, led by more drops in technology companies, after a report on inflation came in worse than feared.

An early rally faded, leaving the S&P 500 1.6% lower after waffling between gains and losses in morning trading. The slide wiped out gains from a day before, when the benchmark index snapped a three-day losing streak.

The Dow Jones Industrial Average dropped 1% and the Nasdaq fell 3.2% as tech stocks weighed down the broader market. The three major indexes are each on pace for another sharp weekly loss.

Wall Street has been transfixed on the nation’s high inflation, and where it’s heading, because it’s causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.

Wednesday’s report from the U.S. Labor Department showed inflation slowed a touch in April, down to 8.3% from 8.5% in March. Investors also found some glass-half-full signals in the data that inflation may be peaking and set to ease further.

Nevertheless, the numbers were still higher than economists forecast. They also showed a bigger increase than expected in prices outside food and gasoline, something economists call “core inflation” and which can be more predictive of future trends.

Google strikes licensing deals

LONDON – Google said Wednesday that it struck licensing deals with 300 news publishers in Europe in its latest effort to comply with a recently introduced European Union copyright law.

The tech giant signed the agreements with national, local and specialist news publications in Germany, Hungary, France, Austria, the Netherlands and Ireland and said discussions with many others are ongoing.

It didn’t disclose how much it’s paying or give names of the news outlets.

European Union countries have been adopting into local law a 2019 EU directive granting publishers additional rights over their content.

The new law allows search engines like Google to link to and use snippets of news content, while giving publishers new rights when extended previews are used online.

From wire reports

It doesn’t, however, specify where the line between the two lies. The agreements are aimed at avoiding costly and lengthy lawsuits over that distinction.

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