Markets expected to open lower
U.S. stock index futures tumbled on Thursday ahead of data expected to show fewer Americans filed for jobless benefits, while traders continued to watch developments surrounding the Omicron Covid-19 variant.
The Labor Department’s report, due at 8:30 a.m. ET, is likely to show initial claims for state unemployment benefits dropped to 220,000 in the week ended Dec. 4, from 222,000 in the previous week.
As of 5;40 a.m. ET, futures tied to the blue-chip Dow Jones gave away 102 points, or 0.29% to 34,644.
S&P 500 futures sank 14.75 points, or 0.31% to 4,684.25 while the tech-heavy Nasdaq 100 futures were down 63 points, or 0.38% to 16,329.25.
DWAC stock falls 5.8% premarket after recent gains
Digital World Acquisition Corp (NASDAQ: DWAC), a special purpose acquisition company that recently announced plans to take former president Donald Trump’s social media firm public, rallied 28% on Wednesday after surging 17% on Tuesday after Trump Media & Technology Group welcomed a new CEO.
However, the stock dropped $3.84, or 5.87% to $61.58 per share in the pre-market trading session Thursday.
Trump Media & Technology Group announced at the start of the week that Republican Rep. Devin Nunes of California will retire from Congress later this month and take the role of CEO of the social media platform next year, which will launch Truth Social.
News of Nunes’ resignation came after Trump Media and DWAC revealed over the weekend that they would be receiving a $1 billion PIPE investment for the new company.
Last week, Reuters reported that the investment would value the new entity at roughly $3 billion.
Italy regulators fine Amazon $1.3 billion over antitrust violations
Italy’s competition regulator has slapped Amazon.com (NASDAQ: AMZN) with a $1.3 billion fine for reportedly abusing its dominance in the market.
The Autorità Garante della Concorrenza e del Mercato (AGCM) announced in a statement Thursday that Amazon abused its dominant position by promoting its own online marketplace, and oppressing third-party sellers who don’t use its logistics service, called “Fulfillment by Amazon.”
According to the regulator, Amazon gave third-party sellers who pay to use the logistics service, enticements such as access to Amazon Prime customers.
The online retail giant also allowed these sellers to participate in Prime Day, Black Friday, and Cyber Monday promotions that are unavailable to sellers who don’t use the service.
Amazon has said it would appeal the decision and called the fine “unjustified and disproportionate.”
