Apple, Google forced to make sweeping changes in Europe: What it means for you

TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Thursday, March 7.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

Investors are looking ahead to day two of Powell’s testimony on the Hill – Wall Street will be listening closely for hints on the Fed’s path forward on interest rates.

Investors are also digesting weekly jobless claims, which came in roughly in line with analyst expectations at 217,000… but investors are awaiting key data on the labor market when the February jobs report drops Friday.

In other news - big changes have officially gone into effect when it comes to how European consumers interact with some of the world’s biggest tech companies. Those companies will now be forced to follow more stringent rules when it comes to their competitive practices.

Just a few of the changes include Apple allowing users in the EU to download apps from third-party app stores, for the first time since Apple launched its own 15 years ago. Meanwhile, Google will be forced to drive more traffic to other shopping or travel-booking sites instead of directing users to its own platforms. And Meta might be forced to integrate messages from other messaging apps, like Signal or Viber, into its Messenger and WhatsApp services.

The sweeping changes will affect six of the biggest names in tech: Apple, Amazon, Google, Meta, Microsoft, and Bytedance - which owns TikTok. And if a company is found to have broken any of the newly implemented rules, it’s going to cost them. First-time offenders could be fined up 10 percent of the company’s global revenue, while a second offense could cost them as much as 20 percent.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.