Stocks post solid gains as technology shares lead rally

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Apple Shares Slip As EU Commission Appeals $15 Billion Tax Ruling

Apple Inc. shares slipped lower Friday after the European Commission said it would appeal a ruling that freed the tech giant from paying a $15 billion back tax payment to the government of Ireland.



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Apple Shares Slip As EU Commission Appeals $15 Billion Tax Ruling

Europe’s General Court ruled in July that the EU Commission, as well as Competition Commissioner Margrethe Vestager, “did not succeed in showing to the requisite legal standard that there was an advantage” in Apple’s tax arrangement with the Republic of Ireland that would have violated EU rules.”

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The original order from the European Commission in 2016 had called on Apple to pay €13 billion ($15 billion) in back taxes to the Irish government after authorities said the two had agreed an unfair tax agreement as part of Apple’s investment in the Republic.

“The General Court judgment raises important legal issues that

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S&P 500 closes at lowest level since July as tech shares fall anew

Stocks accelerated losses into the close, erasing earlier gains and ending an advance that began on Tuesday. The S&P 500, Dow and Nasdaq each had their worst day in two weeks.

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The S&P 500 sank more than 2%, led by a drop in the energy and information technology sectors, to close at its lowest level since the end of July. The Nasdaq’s more than 3% decline brought the index down also to near a two-month low.

The Dow fell to its lowest close since the beginning of August, even as shares of component stock Nike (NKE) climbed to a record high after reporting quarterly results that far surpassed consensus expectations. However, the increase was offset in the Dow by declines in tech names including Salesforce and Apple.

Shares of Stitch Fix (SFIX) sank more than 15%, after the digital personal styling service posted a wider than expected quarterly

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Technology And Energy Shares Lead Broad-Based Selloff

Key Takeaways:

  • Tech gets hammered again as regulatory news hurts sector
  • Rotation from tech into other sectors appears to be losing steam

The air keeps coming out of the tires.

A market that rode hard all summer on the FAANGs and semiconductors is making a loud hissing noise as those high-flyers lose traction.

All summer, investors heard warnings that if Tech’s party settled down, the broader market would take a hit. September reminds us of that as it appears on track to be the first losing month since March and the worst month of September in 18 years.

All the FAANGs played serious defense Wednesday in the second of three sessions this week where Tech spent most of the day dragging everything else down. The Tech weakness was joined by a rout in the Energy sector, where companies staggered amid worries about shutdowns in Europe and

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Peloton Shares Backpedal as Amazon Unveils ‘Prime Bike’ Rival

A new tech-enabled stationary workout bike from e-commerce giant Amazon.com  (AMZN) – Get Report is looking to nibble on Peloton’s  (PTON) – Get Report pedals. 

Peloton shares traded lower on Tuesday after rival exercise bike maker Echelon announced a deal with Amazon.com to produce and sell its own connected bike called Prime Bike – at a fraction of the cost of a Peloton.

Touted as Amazon’s first-ever connected fitness product, the Prime Bike will give customers access to hundreds of live and on-demand classes, Echelon said in a statement. It will retail for $499 vs. near-$4,000 for a Peloton.

Peloton has been on a tear over the past six months as fitness buffs have turned to the Internet-connected workout-at-home machines and the company’s online interactive fitness classes as the coronavirus pandemic has kept many gyms closed.

Now others like Amazon are looking to take a piece

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