U.S. Markets closed
  • S&P Futures

    +16.50 (+0.48%)
  • Dow Futures

    +116.00 (+0.41%)
  • Nasdaq Futures

    +63.00 (+0.54%)
  • Russell 2000 Futures

    +6.60 (+0.41%)
  • Crude Oil

    +0.05 (+0.12%)
  • Gold

    +7.70 (+0.40%)
  • Silver

    +0.20 (+0.80%)

    +0.0013 (+0.1066%)
  • 10-Yr Bond

    +0.0360 (+4.73%)
  • Vix

    +0.17 (+0.58%)

    +0.0023 (+0.1777%)

    -0.0890 (-0.0844%)

    +965.48 (+8.73%)
  • CMC Crypto 200

    +2.47 (+1.04%)
  • FTSE 100

    +4.57 (+0.08%)
  • Nikkei 225

    +95.42 (+0.40%)

EU leaders reportedly in the works of writing Big Tech ‘hit list’

EU leaders are pushing for a Big Tech crackdown that would create stricter rules for companies like Amazon, Facebook and Google. Yahoo Finance’s Dan Howley discusses.

Video Transcript

ADAM SHAPIRO: The EU loves to beat up on big tech. They're throwing another punch. What's up?

DAN HOWLEY: Yeah, this is basically kind of a report from the Financial Times saying that the EU, the European Commission, are putting together what they refer to as a hitlist of big tech companies that they're going to go after. It's reportedly made up of 20 different companies, very US heavy as far as the companies named, including the likes of Google and Amazon, Apple.

And it's going to kind of implement new regulations in kind of wrapping themselves up in these companies to make sure that they can't have too much power. And this just kind of goes along with what the EU and the European Commission has been doing to big tech companies for some time now, regulating them, passing fines against them.

Google has a multi-billion dollar fine against it from the EU. So this isn't something that's exactly out of the ordinary. But it is something to keep an eye on, just to see how much more the European Union and European Commission in general-- specifically, is willing to go after these companies, especially as ties between the US and the European Union sour on these kinds of issues.

ADAM SHAPIRO: Dan, is there any potential that the-- depending on who wins the election, could either put a stop to these EU efforts or speed them up?

DAN HOWLEY: I don't think it's going to have an impact on whether or not we see more of them or less of them. They were doing this under the Obama administration as well. So it's not necessarily a Trump administration issue. I think really, what's going to happen is, the EU kind of going after these companies and doesn't like to see the kind of power that they have.

And also, I'm sure it doesn't hurt that they're not based in the EU or don't come directly from the EU. So the fact that they're US and that they wield so much power and that they can take data from the EU and bring it to the US is going to be an ongoing problem. And so we'll likely see more issues going forward between these companies and the EU in general.